On May 15, during a crypto-themed AMA session on Reddit, the U.S. Secret Service responded to a variety of queries and revealed their obscure NFT collection.
During a recent ask-me-anything (AMA), Reddit users learned that the US Secret Service owns crypto, has its own NFT collection, and has praised blockchain technology’s ability to fight financial crime.
On May 15, users of the subreddit r/cryptocurrency were able to ask questions of representatives from the US Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT).
Some regulators still see crypto as a tool for fraudsters and scammers, but the REACT task force praised the public and transparent nature of blockchains as a “amazing opportunity” for law enforcement to track the flow of money.
Secret Service embraces blockchain’s financial monitoring
The Secret Service has previously stated that, due to the immutable nature of the blockchain ledger, illicit financial activity can be monitored and traced more easily than with fiat currency.
It is extremely difficult to launder money using blockchain, as demonstrated by an impending Bitfinex story on Netflix involving improbable criminals.
In response to a follow-up query about how to best conceal shady behavior on the blockchain, the Secret Service advised those who wish to engage in shady financial activity to take cash rather than cryptocurrency.
In a recent Reddit thread, a user posed the question of whether the Secret Service held any cryptocurrency. In response, an authority confirmed that the agency was indeed a holder of crypto and even went on to describe themselves as crypto “enthusiasts” in subsequent comments. According to the agency, owning cryptocurrency enables them to gain a deeper understanding of the underlying mechanisms of the crypto industry.
When asked if there are any big differences between crypto crimes and other illegal financial activities, the Secret Service said that the “vast majority” of calls and reports they get usually involve crypto in some way.
“They vary in a lot of ways to fiat investigations, both in good ways and bad ways, but most notable is that crypto transactions are irreversible and immutable.”
During the session, the agencies responded to a variety of serious queries, but there was also some lightheartedness. When a Reddit user inquired whether the Secret Service would consider launching its own “memecoin”, the agency responded by promoting its own NFT collection on OpenSea.
Content Source: cointelegraph.com