US Secret Service claims it can recover stolen crypto and advises using cash for privacy

"The blockchain provides us with an amazing opportunity to track the flow of money", an agency head said in an AMA session on Reddit. The US Secret Service is a federal law enforcement agency primarily charged with protecting US political leaders, but it’s also tasked with safeguarding the financial system and fighting financial crime. The hosts also advised on how to keep transactions hidden from the authorities. The only viable way of securing secrecy in financial settlements turns out to be cash, they say.

sxan,
@sxan@midwest.social avatar

Oh, wow. I totally trust the Secrat Service on this. It's crazy that all blockchain has the same, breakable, model. I'm sure Monero is shaking in its boots.

dax,

I think what they really mean is that once these coins finally land in some unwitting bagholder's account, they can use legal means to seize the value of that coin from the person left holding it.

It's actually kind of terrifying - imagine if they could come to your house and slide some bills out of your wallet that were once previously stolen. What could you even do? It's one thing if you buy a bike second hand without knowing it was stolen first - most adults know that second hand bikes are routinely stolen and resold for cash, and buying one without clear provenance is a risky endeavor, but it's another when they can track the movement of money and lay culpability at your feet - something impossible to do with cash, but possible with the inherent transaction ledger, and which you are probably not expecting to occur.

sxan,
@sxan@midwest.social avatar

This assumes tracability of the coins, which would necessitate eliminating anonymity, which is a bold claim.

nutomic,
@nutomic@lemmy.ml avatar

most adults know that second hand bikes are routinely stolen and resold for cash, and buying one without clear provenance is a risky endeavor,

If police come after you because you bought a used bike, you already live in a police state. Most of the world isn't like that.

dax,

They aren't coming for you, they're taking the bike off you. So now you're out $MoneyDollars and you don't even have a bike to show for it.

nutomic,
@nutomic@lemmy.ml avatar

Luckily police in my country doesnt have time to go around stealing bikes.

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