US Secret Service Holds Crypto and NFTs

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  • The U.S. Secret Service has revealed that it uses blockchain technology to fight crime and has its own NFT collection
  • The security agency disclosed involvement in the blockchain world during an AMA session on Reddit
  • The Secret Service noted that blockchain eases tracking the movement of funds

The U.S. Secret Service has revealed that it uses blockchain technology to stop criminals on their tracks and has its own NFT collection. The security agency disclosed its involvement in the Web 3.0 world during an ask-me-anything (AMA) session on Reddit. According to the Secret Service, blockchain’s immutable nature makes it easier to follow criminals’ financial tracks during an investigation.

Criminals Prefer Cash or Crypto?

The revelations were made by the agency’s San Francisco office and the Bay Area Regional Enforcement Allied Computer Team (REACT). According to the Secret Service, criminals wishing to secretly move funds are better off doing so in cash than using blockchain-powered currencies such as Bitcoin.

The Secret Service also disclosed that they have their own NFT collection already listed on the NFT exchange OpenSea. However, the Ethereum-based collection which was created in October last year, is yet to record any trading activity. The security agency also revealed that they hold cryptocurrencies, adding that it helps them have a deeper understanding of virtual currencies.

While answering a question on whether criminals prefer crypto over cash, the Secret Service said that virtual currencies seem to be the go-to option for malicious entities but added that investigations around cash and crypto “vary in a lot of ways.”

The FBI and DOJ also Involved

The Secret Service isn’t the only security agency in the U.S. dealing with crypto-based crimes. The FBI, for example, continuously investigates similar crimes including seizing crypto ransomware payments

The country’s Department of Justice has also expressed interest to investigate crypto crimes involving crypto exchanges, scams and decentralized finance (DeFi) platforms.

The involvement of the Secret Service in the blockchain world signifies that the space is rapidly growing hence the need for security agencies to get involved.