Sec And FBI Eye Blockchain Analysis Services like BlockSeer to Track Bitcoin’s Blockchain

It is no secret that the blockchain industry is full of people hating it. While a lot of us are enthusiasts about this new technology and even when we see its flaws we look at the bright side, there are certainly haters. These haters are known for thinking that Bitcoin is only used for money laundering and similar activities, which is far from being the truth.

Cryptos are not inherently bad and they can be used in a lot of things. The government of the United States, however, seems to lean on the side of the people against cryptos (or at least very concerned that they can be used for illegal activities), so it has been spending millions to fight money laundering.

In fact, according to data compiled by Diar, the government has spent over $5.7 million USD so far to purchase the services of blockchain analysis companies like Chainalysis, Elliptic and CipherTrace.

These companies use systems to identify illegal activity and link it to Bitcoin addresses. The processes, however, are kept behind closed doors, but we know that they trace the transactions all the way back to registered exchanges to see who bought the tokens.

Many governmental agencies like the IRS, FBI, SEC and the CFTC are using the services of these companies and chasing Bitcoin suspects over the years. It is no surprise that the amount of money that these agencies have been spending has tripled in the last few months as more people are using Bitcoin now.

Even with the crypto prices falling down, the crypto awareness is still very high, so it is natural that these agencies are using the blockchain data as a paper trail to chase suspects.

DMG Blockchain Solutions CEO Will Speak On BlockSeer

Dan Reitzik, the CEO of DMG Blockchain Solutions, has discussed about this topic. During the presentation, he talked about BlockSeer and how these companies work. According to him, the company essentially tracks Bitcoin and Ethereum as the tokens move through the blockchain. The services are more used by the CIA, FBI, Homeland Security and the IRS.

These services will not stop to be used anytime soon. They will actually probably only get more and more common as time passes. This is part of why Monero is so popular. You cannot track it, so if you value your privacy or if you want to do something illegal, Monero is the way to go.

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