Kevin Helms: Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent

zcash virtual-currency speculation special-agent regulation privacy-coins n-economy money-laundering monero lilita-infante illicit-use illegal-activity ice hsi fbi drugs-enforcement digital-currency dea cyber-investigative cryptocurrency crypto criminals btc bitcoin administration

Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent

A special agent with the U.S. Drug Enforcement Administration (DEA) has reportedly revealed that the use of bitcoin in illegal activities has shrunk to about 10 percent from 90 percent previously. This finding contradicts the popular perception of the cryptocurrency’s primary use.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Data From DEA Agent

Illegal Activity No Longer Dominant Use of Bitcoin: DEA AgentA DEA special agent, Lilita Infante, has reportedly admitted that illegal activity is no longer bitcoin’s primary use. She is part of the 10-person Cyber Investigative Task Force, a team focusing on dark web and crypto-related investigations. The group collaborates with other units of the Department of Justice including the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Infante explained to Bloomberg on Tuesday that five years ago when she started investigating cases involving bitcoin, “her analysis of blockchain data showed criminal activity was behind about 90 percent of transactions in the cryptocurrency.” However, she is now seeing the opposite:

The ratio of legal to illegal activity in bitcoin has flipped…Now, illegal activity has shrunk to about 10 percent and speculation has become the dominant driver.

“That doesn’t mean criminals stopped using bitcoin,” the publication noted. While the “total transaction volume associated with illegal uses has surged since 2013,” Infante reiterated:

The majority of transactions are used for price speculation.

Contradicting Popular Opinion

Illegal Activity No Longer Dominant Use of Bitcoin: DEA AgentMainstream media have often described bitcoin as being used by criminals such as for money laundering and purchasing drugs and other illicit goods.

According to Matthew Allen, ICE Homeland Security Investigations (HSI) Assistant Director, “HSI agents are increasingly encountering virtual currency… in the course of their investigations.” In a written testimony for a Senate Committee hearing on modernizing anti-money laundering (AML) laws in November last year, he wrote that among cryptocurrencies encountered were “anonymity enhancing cryptocurrencies (AECs).”

Illegal Activity No Longer Dominant Use of Bitcoin: DEA AgentIn June, a high-ranking official of the U.S. Secret Service urged Congress to consider additional legislation to address potential challenges related to anonymity-enhanced cryptocurrencies. He claimed that some cryptocurrencies “have been used extensively for illicit activity.” In the same month, the House of Representatives unanimously passed a bill to help prevent the illicit use of cryptocurrencies.

Citing the popular perceived use of bitcoin for illicit activities, Bloomberg emphasized:

Infante’s findings contradict the popular perception.

Furthermore, the special agent explained that privacy-focused cryptocurrencies like monero and zcash are not liquid enough, so “the overwhelming majority of dealings are still in bitcoin,” the publication conveyed. She was further quoted claiming that while these cryptocurrencies more anonymous than bitcoin, “we still have ways of tracking them.’’

What do you think of the DEA agent’s findings? Let us know in the comments section below.

Images courtesy of Shutterstock and Cnbc.

Need to calculate your bitcoin holdings? Check our tools section.

The post Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent appeared first on Bitcoin News.

Original article was created by: Kevin Helms at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Related Articles

pubDate Newsline
1 week ago From Hive Project to Hiveterminal: The New Brand Unveiled!
1 week ago Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest
1 week ago BANKEX Monthly Update: September 2018
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
1 week ago Nigerian Startup Kubitx Launches Bitcoin Exchange in Beta
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
2 weeks ago Bitpay Phases Out Crypto-Debit Cards for European Cardholders
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
2 weeks ago Venezuela Makes Petro Crypto a National Currency, Publishes New Whitepaper
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
1 week ago Funny New Advert Shows Bitcoin Is on Google’s Mind
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
1 week ago FSB: Crypto-Assets Not a Threat to Global Financial Order
1 week ago Hundreds of ICOs Being Secretly Investigated by SEC, Claims Report
1 week ago FSB: Crypto-Assets Not a Threat to Global Financial Order
3 weeks ago Shapeshift CEO Responds to Wall Street Journal Laundering Claims
3 weeks ago The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins
3 weeks ago A Guide to Building Your Own Crypto Mining Rig
3 weeks ago Free Crypto Trading App Robinhood Available in Alaska and Oklahoma
3 weeks ago A Guide to Building Your Own Crypto Mining Rig
3 weeks ago Free Crypto Trading App Robinhood Available in Alaska and Oklahoma
3 weeks ago SEC, CFTC, FBI Take Action Against Bitcoin-Funded Securities Dealer 1Broker
3 weeks ago Regulations Roundup: U.S. Govt. Pays $5.7 Million for Blockchain Analysis, Amit Bhardwaj’s Assets Seized
3 weeks ago Regulations Roundup: U.S. Govt. Pays $5.7 Million for Blockchain Analysis, Amit Bhardwaj’s Assets Seized
1 month ago 55% of All BTC Is Parked in Whale-Sized Wallets
1 month ago CoinFairValue Adds Total Fair Market Cap Value, Indicates Major Decrease in Cryptocurrency Speculation
2 months ago The Daily: Bakkt Won’t Offer Leverage, Congresswoman Holds Crypto
2 months ago Apocalyptic Predictions About Privacy Coins Are Very Wide of the Mark
7 months ago ICE Agency Charges Payza and Two Canadian Citizens With Bitcoin Money Laundering
6 months ago Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes
3 months ago FBI Currently Investigating 130 Crypto-Related Cases

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
October 12, 2018

Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest

Over the next few weeks, Bitcoin.com is hosting a paper wallet design contest to create a beautiful cold storage visual graphic for bitcoin enthusiasts around the world. The competition is open to everyone and the winning entry will receive $100 worth of bitcoin cash. Also Read: Bitcoin.com...

From: Bitcoin.com

The Daily: Kanye Teaches Opsec, Crypto Foes Join Forces

The last 24 hours has been one of those all-too-rare periods in which the cryptosphere unites against a shared enemy. We’ll detail who in The Daily, right after we’ve discussed blockchain spam, Blockfolio’s new funding round, and how we learned an opsec lesson from Kanye West. Also...

From: Kai Sedgwick

US Court Issues Emergency Order Halting a Planned Initial Coin Offering

An American court has put a stop to an initial coin offering (ICO) by a company claiming to offer “the first licensed and regulated tokenized crypto currency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to...

From: Avi Mizrahi

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has...

From: Kevin Helms

Funny New Advert Shows Bitcoin Is on Google’s Mind

Google, which currently sits on the fence with regard to cryptocurrency, took an opportunity to throw shade at digital coins like bitcoin core and bitcoin cash during an advert for its new call-screening feature. In the minute-long segment, popular comedians dressed as Google employees mock...

From: Jeffrey Gogo

Facebook Purge Continues: 559 Pages, 251 Accounts Removed Ahead of US Elections

Facebook’s Nathaniel Gleicher, Head of Cybersecurity Policy, and Oscar Rodriguez, Product Manager, announced that “Today, we’re removing 559 pages and 251 accounts that have consistently broken our rules against spam and coordinated inauthentic behavior.” It is another decision to purge...

From: C. Edward Kelso
Upcoming ICO's
This week overview
Token Name Starts
Bountie (BNTE) logo Bountie (BNTE) 3 days
M2O Token (M2O) logo M2O Token (M2O) 5 days
GGRocket (GGR) logo GGRocket (GGR) 6 days
MovieCoin (MOV) logo MovieCoin (MOV) 7 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6486.19311119 0.21%
Ethereum logo ETH $204.441166202 0.12%
Ripple logo XRP $0.4618873724 0.13%
Bitcoin Cash logo BCH $442.076786445 0.01%
EOS logo EOS $5.418606759 0.1%
Stellar logo XLM $0.2422988863 0.04%
Litecoin logo LTC $52.5439480184 0.03%
Tether logo USDT $0.9847336393 -0.24%
Cardano logo ADA $0.0746777293 0.05%
Monero logo XMR $108.428657688 0.04%
Tronix logo TRX $0.02344174 -0.01%
IOTA logo IOT $0.4910445309 -0.32%