The cryptocurrency industry is linked to several illegal activities, and the Federal Bureau of Investigation (FBI) is currently investigating 130 cases. Kyle Armstrong, a supervisory special agent, revealed info while speaking at a cryptocurrency conference titled “Crypto Evolved” in New York on Wednesday, June 27, reported Bloomberg. He is in charge of the virtual currency initiative of the agency, which has been working for over three years now.

Armstrong noted that the FBI has “threat tagged” cryptocurrencies to encompass a broad crime spectrum, including kidnapping, ransomware attacks, human trafficking and the illegal drugs trade. Regarding the 130 cases, he said, “There are thousands of cases in the bureau, so it is a small sliver at this point.” However, he also commented that the agency had seen an increase in the use of digital currency payments for illegal activities.

The FBI is looking into the opioid crisis, most importantly the role of “dark web” as a facilitator of drug abuse. At least 10 percent of global drug users purchase from illegal online marketplaces, often paying with cryptocurrencies. Another concern for the agency is the rise in extortion schemes using crypto coins, especially on the southwest border of the US.

The FBI has a neutral view on digital currencies. He noted that these currencies have several pros and cons. He also praised blockchain technology that underpins these crypto coins, calling it an easier way to trace transactions than cash. However, he also said that the anonymity attached with these transactions could be a problem for legal investigations.

FBI Has 130 Cryptocurrency-Related Cases, Reveals Agent was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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