Cryptocurrencies were one of the yesteryear highlights propelling into mainstream recognition. Capable of generating great returns within a short period, they are however volatile and have associated risks of potential frauds and scams. The United States Secret Service announced the launch of a crypto public awareness hub to address all queries and furnish security-related information on cryptocurrencies and digital assets.
Crypto Awareness Hub
The newly-created website will be featuring the latest updates on Secret Service’s latest work on combatting illicit activities using crypto, including money laundering and illegal funding. The general public can easily access and learn about digital asset security and steps to ensure the same.
Also Read : Cryptocurrencies and Money: A Forecast for the Future
US Security Services: A Backdrop
The federal enforcement agency initially formed to prevent counterfeit US dollars in 1865 acknowledge the importance of blockchain in innovations across countless sectors, particularly finance. The incorporation of the technology has also helped the agency improve the investigation process for financial crimes.
Jeremy Sheridan, Assistant Director of the Office of Investigations, United States Security Services, states “Our obligation to enforce crimes against the nation’s financial systems includes both informing the public on how digital assets work and partnering with them to identify, arrest, and prosecute those engaging in crimes involving digital assets.”
Do Digital Assets Facilitate Illegal Activities?
Bitcoin and other crypto-assets have been the preferred mode of payments for cybercriminal activities, including ransomware attacks. However, transactions are easily visible across the public blockchain networks like Bitcoin and Ethereum. Law enforcement agencies have been successfully able to recover a major portion of ransom bitcoin payments across infamous incidents like the Silk Road, Colonial Pipeline, ReVil, and more. However, there are exceptions too- certain private cryptocurrencies pose difficulties in tracing transactions.
The recent growth in crypto-centric ransom attacks or scams targets people through manipulation in social media. For investments or settlements, only trust reliable crypto exchanges and payment platforms with high-security features.
Also Read : How Did the FBI Acquire 1.5% of the World’s Total Bitcoins?
The rise in crypto adoption and awareness may have led to an increase in illicit crypto activities and transactions. In the same vein, technologies for financial investigation have advanced leaps and bounds. The US Secret Services portal will help in spreading information and knowledge on the merits of crypto, as well as security measures that need to be taken.