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Development of the US Department of Justice of a large-scale cryptocurrency tracking program


Despite the already difficult relationship of the US government with cryptocurrency, the authorities are going to tighten the regulation even more. In particular, it is planned to develop special measures to monitor operations with Bitcoin, as cases of extortion have become more frequent lately. Governments expect more aggressive controls on Bitcoin to reduce the risk to users who are under pressure from extortion programs.

The fact is that recently, fraudsters have become more active, who, under various pretexts, demand money from users in digital format. This tactic is seen as a way of avoiding the control of the movement of funds by the state, which would be possible if not cryptocurrencies were used, but non-cash payments, transferring money to a bank card or extortionist account.
The Department of Homeland Security, together with the FBI, the Department of Justice and the Secret Service, are going to deploy a large-scale program to strengthen policy in relation to cryptocurrency circulation. This will make it possible to protect network users from fraudsters and save finances, since it became known that about $ 350 million were illegally seized last year alone, which is three times more than the previous year.

Surveillance will be carried out for cryptocurrencies in general, and not only for the most popular ones like Bitcoin and ether. In the course of the operation to strengthen control, it is planned to increase the requirements for user verification, as well as to put forward more stringent requirements for licensing companies involved in the provision of services for the exchange and trade of cryptocurrency.

In addition to the fact that the interests of millions of users suffer as a result of fraudulent actions, it also became known that some of the payments made in cryptocurrency to scammers went against the sanctions imposed by the United States on financial relations. In addition to outright extortion, digital currencies were stolen through fake trading and payment platforms. Such fraud flourished most actively in Discord and was aimed at those users who were participants in cryptocurrency chats. Most often, the extortion was carried out in such cryptocurrencies as Bitcoin, Bitcoin Cash, Teaser and Ethereum.