US Secret Service’s new crypto hub aims to promote public awareness on digital assets security
The U.S. Secret Service, which has been safeguarding the integrity of the economy since its creation in 1865, is keeping up with the times and is now dealing with modern threats such as the illicit use of crypto.
Thu, 24 Feb 2022, 11:47 am UTC
With the increasing popularity and usage of cryptos such as Bitcoin (BTC) and Ethereum (ETH), the United States Secret Service is keeping up with the times by launching a cryptocurrency public awareness hub that features a new public service announcement video.
The new hub aims to provide public awareness on digital asset security and offers ways to help keep it secure. The website also features the Secret Service’s latest work on combatting the illicit use of cryptos.
The U.S. Secret Service has been safeguarding the integrity of the economy since its creation in 1865. It started by combating rampant counterfeiting but the agency is keeping up with times and is now dealing with modern threats such as the illicit use of crypto.
“As individuals and organized networks evolved and sought new ways to defraud the public, special agents and criminal investigators with the Secret Service have responded, applying their experience and expertise to preventing other financially motivated crimes such as illicit credit card schemes, fraudulent wire transfers, computer fraud and abuse, and, most recently, the illicit use of digital assets, including cryptocurrencies to facilitate crimes like ransomware attacks,” the agency said.
The agency acknowledged the increasing use of crypto as payments and sees the need to educate the public on digital currencies and combating financial fraud. “Investments and transactions using cryptocurrencies and digital assets are not inherently criminal, however, do provide new opportunities for those seeking to commit fraud or otherwise conceal further illegal activities,” the Secret Service explained.
“Blockchain technology has brought massive development to many sectors, especially within finance,” U.S. Secret Service Office of Investigations Assistant Director Jeremy Sheridan said in a blog post. “The Secret Service’s mission of investigating financial crimes has advanced in lock-step with this progress.”
The agency noted the increasing use of crypto in cybercrime such as ransomware and money laundering activities. “The Secret Service addresses this risk, in close partnership with the U.S. Department of the Treasury, to further investigations and directly address the financial motive of cybercrime through asset seizures and other actions,” the agency added.
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