FBI Crime Chief Reveals Criminals are Using Cash Over Bitcoin for Fraudulent Transactions

FBI Official Reveals Criminals Are Returning To Cash Over Crypto For Transacting

A recent interview that took place between Financial Crimes’ FBI Official, Steve D’Antuono and CNBC revealed that criminals are returning to their once preferred method of payment: cash, which was temporarily replaced by cryptocurrencies. The discussion not only covered means of payment, but also the types of crimes and the measures taken to bring such crimes down.

The crypto sphere is not new to illegal activities, as 2018 marks a year filled with falsified Initial Coin Offerings (ICOs), funding of criminal activities and hacks to name the least. According to D’Antuono, the intervention of government officials within the crypto crimes stems from the fact that the problem at hand is a severe one rather than a quantitative one.

As for the FBI’s contribution in cleansing the crypto sphere of crimes, it has been disclosed that a request of USD$21.6 million was made to put more time and effort into the matter. To this date, the agency was able to confiscate over USD$20 million worth of Bitcoins.

The two areas that the FBI official believes needs addressing is that of the Dark Web and ICOs, which promote MLM Ponzi style profits. An example of this was reported by AMB Crypto, where a Chinese hacker sold personal information of guests at hotels via the Dark Web for 8 BTC.

Criminals’ interest in BTC supposedly comes from the giant’s all-time high back in 2017, however, similar trends seem to be dying off now that BTC and altcoins continue to witness drops in prices.

While the FBI has been active in putting an end to crypto-related crimes and ultimately, cybercrimes, Steve D’Antuono affirms that they will not rest until a drastic improvement has been achieved. In particular, he told CNBC that “these crimes will be stopped”. He compares the current stance of the infant market to the first time when the Internet was introduced. As per his quotes:

“A lot of us did not have any idea how to deal with cybercrimes then but we learned and adapted. That’s what is happening right now, we are slowly assembling the jigsaw to quash all cryptocurrency related crimes.”

Now that criminals are turning away from cryptocurrencies, do you think this will make it much easier for the FBI to catch them? Let us know in the comments below.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $141.71B $7,995.3704 -0.65% $4.6B
ETH $26.5B $249.4277 -0.74% $1.72B
XRP $16.08B $0.3818 -1.34% $367.25M
BCH $7.2B $404.2628 -0.88% $259.83M
LTC $6.28B $101.3534 0.14% $783.56M
EOS $5.78B $6.3299 -0.45% $481.74M
BNB $4.72B $33.4528 -4.40% $313.8M
USDT $3.07B $1.0042 -0.21% $3.93B
XLM $2.38B $0.1235 -1.73% $41.25M
ADA $2.07B $0.0799 -1.23% $42.81M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here