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The U.S. Secret Service is cracking down on digital currencies

Published

4 years ago

April 20, 2022

More than $102 million has been seized in cryptocurrencies from people who are involved with ongoing fraud investigations

The Secret Service is known for keeping a close eye on the U.S. President. But they are also involved in financial and cybercrime investigations.

Analysts are reportedly tracking how blockchain currencies are moved around through advanced surveillance systems.

Criminals are reportedly transferring cryptocurrencies like Bitcoin into stablecoins to avoid market volatility.

In one case, a Russian syndicate was targeted for using a crypto platform to launder funds linked to criminals in Russia and North Korea.

It follows an investigation of 254 cases over a seven year period.

Earlier this month, an Irving man, Deependra Bhusal pleaded guilty to conspiracy to commit money laundering in Texas.

Bhusal and his co-conspirators routinely exchanged the criminal proceeds for cryptocurrency.

In 2020, he attempted to exchange approximately $450,000 in criminal proceeds for Bitcoin.

He was sentenced to 46 months in a federal prison.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.