Blockchain and crypto can be a boon for tracking financial crimes
The notion of crypto being a tool for money laundering is often propagated by naysayers that include policymakers with a stake in the traditional financial system. Governments around the globe have also become more aware of the crypto market and the various ways in which it can be regulated. Despite a growing adoption rate and involvement of mainstream financial giants, however, naysayers continue to portray crypto as a tool for miscreants and criminals. Several crypto platforms and decentralized finance (DeFi) protocols have been compromised over the years, owing to various code....
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Canadian federal and national police force the Royal Canadian Mounted Police (RCMP) is examining ways of preventing and solving digital currency-related financial crimes. An email correspondence between the police force and Canada's financial intelligence unit the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was obtained by media outlet GlobalNews.ca under the Access to Information Act. "I am running a major project on our end and my management would like your organization in as a possible stakeholder. [...]The project is in relation to Bitcoins and their....
In a press release yesterday, the federal agency stated that crypto kiosks, or cryptocurrency ATMs, played a major role in the increasing crimes. The United States GAO (Government Accountability Office) blames crypto kiosks for increasing drug trafficking and human trafficking. Their reason, however, was that cryptocurrency ATMs aren’t as restricted as crypto exchanges, making their transactions harder to track. The GAO projects that it can be more difficult to curtail illegal transactions as crypto kiosks are becoming more and more popular in the U.S. and worldwide. Related Reading |....
Crypto whale action can affect the price of cryptocurrencies and tracking these whales can offer invaluable and timely insights into price movements. What are the common crypto whale tracking tools?Whale tracking tools like Whale Watchers, Whale Bot Alerts and others can help investors spot whale action and make quick and timely decisions.Whale tracking tools come with different capabilities, some can be just a simple window on top of a blockchain, while others have analytics and charting capabilities across multiple blockchains. Some only cover crypto whale tracking, while others offer....
The US Internal Revenue Service (IRS) has announced it will award the National Cyber-Forensic Training Alliance (NCFTA), a cybersecurity nonprofit organization, with a contract to research crimes involving digital currencies. The one-year sole source order, published yesterday on behalf of the US Treasury Department, the Office of Illicit Finance (OIF) and the Office of Intelligence and Analysis (OIA), establishes that the NCFTA would study virtual currency and virtual currency exchanges to provide the federal government with real-time cyber threat intelligence. In a redacted justification....
The national postal operator of Russia plans to implement a parcel tracking system that will rely on blockchain technology. The introduction of the new service is part of Russian Post’s digital transformation strategy and is expected to reduce the number of lost shipments.
Blockchain-Based Tracking System to Help Russian Post Save Time and Resources
In the context of efforts to develop its services and improve the efficiency of its logistics, Pochta Rossii, or Russian Post, is considering various options, including the implementation of blockchain technology, a....