Blockchain provides an amazing opportunity to track cash flows, US Secret Service officials said during a session AMA for Reddit users.
Within two hours, staff from the agency’s San Francisco office and the Bay Area regional team from REACT answered questions from participants in the r/CryptoCurrency subreddit and gave advice on the security of digital assets.
The REACT Working Group was created in 1997 by the California Department of Justice in response to the rise of Internet development-related crime.
The agents and analysts also focus on illegal activities with cryptocurrencies, including scams like “butchering pigs”, when an attacker gains the trust of a victim and steals funds.
“We can and do return money to victims. Over the past nine months, we have done this for 17 people,” law enforcement officers said.
According to them, the agency has tools for monitoring cryptocurrencies that are not inferior in reliability to similar tools for traditional finance.
One of the problems, representatives of REACT called the fact that victims of scams with digital assets often do not contact law enforcement agencies.
“Each case is different, but there is no hope unless you report it,” they stressed.
As an example, agents told the story of how they themselves found one of the victims of the “pig butchering” scheme according to a post on Reddit and helped return the funds.
Recall that in the first quarter of 2023 alone, the crypto industry lost more than $320 million as a result of hacks and fraud.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Blockchain provides an amazing opportunity to track cash flows, US Secret Service officials said during a session AMA for Reddit users.
Within two hours, staff from the agency’s San Francisco office and the Bay Area regional team from REACT answered questions from participants in the r/CryptoCurrency subreddit and gave advice on the security of digital assets.
The REACT Working Group was created in 1997 by the California Department of Justice in response to the rise of Internet development-related crime.
The agents and analysts also focus on illegal activities with cryptocurrencies, including scams like “butchering pigs”, when an attacker gains the trust of a victim and steals funds.
“We can and do return money to victims. Over the past nine months, we have done this for 17 people,” law enforcement officers said.
According to them, the agency has tools for monitoring cryptocurrencies that are not inferior in reliability to similar tools for traditional finance.
One of the problems, representatives of REACT called the fact that victims of scams with digital assets often do not contact law enforcement agencies.
“Each case is different, but there is no hope unless you report it,” they stressed.
As an example, agents told the story of how they themselves found one of the victims of the “pig butchering” scheme according to a post on Reddit and helped return the funds.
Recall that in the first quarter of 2023 alone, the crypto industry lost more than $320 million as a result of hacks and fraud.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
