Reports suggest that the Federal Bureau of Investigation has made a revelation that it has been working on 130 crypto-currency related cases.
The cases related to virtual currencies include crimes such as illicit drug sales, kidnapping and ransomware attacks and human trafficking, said Kyle Armstrong, a supervisory special agent.
Pending Crypto-related cases
While speaking at the Crypto Evolved conference on Wednesday, Armstrong said, “At this point, it is a small sliver considering the amount of workload as we have got thousands of cases to work on.”
Moreover, the agency has also noted that the agency has noticed an increase in illegal activity that are being facilitated by cryptocurrencies.
Kyle Armstrong is in charge of the FBI’s virtual currency initiative that has now been in the organization for three years.
He also reflected on the opioid epidemic which has now become the centre of focus of the FBI as the agency has noted a surge in drug abuse.
He also said that the agency has a neutral point of view on the virtual currencies but claimed that the agency has witnessed a significant rise in extortion schemes regarding the cryptocurrencies on the south-west border of the United States.
FBI to have a special budget for curbing crypto-related crimes
FBI has asked for a budget for 80 positions and $21.6 million for improving its investigative technology for combating cybercrime.
“Some of our investigators face the challenge of online frauds who hide their crimes behind the layers of anonymizing technologies who use digital currencies for obscuring their transaction.”
On Monday, the House of Representatives unanimously passed a bill so that the illicit transaction using virtual currencies like Bitcoin, dash, Zcash and monero.
A high-ranking official of the US Secret Service testified before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance. He asked Congress to help prevent the illegal use of cryptocurrencies.