US DEA Admits Criminal Activity In Crypto Has Plunged 80% Since 2013

And just like that, another establishment lie is crushed...

Authored by William Suberg via CoinTelegraph.com,

An agent of the U.S. Drug Enforcement Administration (DEA) has noted that Bitcoin’s (BTC) role in crimes has dropped to just 10 percent of transactions, while transactions themselves have “grown tremendously,” Bloomberg reports August 7.

image courtesy of CoinTelegraph

In an interview, DEA special agent Lilita Infante - who is a member of the 10-person Cyber Investigative Task Force - said that the ratio of legitimate to illegitimate Bitcoin transactions had flipped over the past five years, noting

“The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased.”

The concept of criminals turning to cryptocurrency as an alternative to cash has traditionally formed a central argument used by those critical of Bitcoin’s future.

Regulators too have set about tackling the perceived usage of cryptocurrency for illicit purposes, often associated with terrorism and money laundering.

As Bitcoin’s popularity has grown, however, it is now legitimate trading which forms the overwhelming majority of activity, with Infante noting that the “majority of transactions are used for price speculation.”

She added that although privacy-focused altcoins are less liquid and more anonymous than BTC, the DEA “still has ways of tracking” currencies such as Monero and Zcash. Infante concluded,

“The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using them [cryptocurrencies].’’

At a U.S. House public meeting on digital assets in mid-July, Andreessen Horowitz managing partner Scott Kupor suggested that “Bitcoin is law enforcement’s best friend” due to the ability to track illicit transactions on the blockchain.

Comments

ssk81646 Tue, 08/07/2018 - 11:20 Permalink

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lookslikecraptome Stan522 Tue, 08/07/2018 - 11:45 Permalink

OMG. You got it right. They just went to a different medium of exchange cause cryptos r so traceable on Tor. 

And this flows with the fact that mass adoption of cryptos is not going well. 

https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-com…

As this article points out fewer and fewer businesses will take cryptos.

Drug dealers are not stupid. 

except Javier who lived next door until he got busted last week for coordinating a crypto attack.

https://www.fastcompany.com/90212831/basically-no-one-is-using-bitcoin-…

And this poor girl could not even buy smack with btc

https://news.northeastern.edu/2018/07/09/heres-what-happened-when-we-tr…

 

and besides that Harry Asslicker started the Dumb Enforcement Agency. They lie with statistics as a function of waking up in the morning and it took them 15 years to catch Javier even with the 24/7 junkie parade in and out of his house. 

 

In reply to by Stan522

Buckaroo Banzai Ophiuchus Tue, 08/07/2018 - 16:02 Permalink

Most cryptocurrencies aren't anonymous, they are pseudonymous at best, and you can be tracked down if authorities make an effort. Even the handful of so-called "anonymous" cryptocurrencies have flaws. Monero offers fairly bulletproof anonymity but not many people use it. If you have serious amounts of money to launder, there are plenty of ways to do it using the conventional banking system. No need to mess around with crypto, just hire the right lawyers and accountants, pay off the right bankers/regulators/politicians, and you're golden.

In reply to by Ophiuchus

inhibi Cryptopithicus Homme Tue, 08/07/2018 - 14:00 Permalink

Yes, and all the more reason to be cautious with cryptos.

If cryptos cant make it in a world full of cheap money, then they have no chance once the markets go into turmoil and the resounding deflation occurs.

Also, lets ask the basic question: how in the world does anyone know how much criminal activity is ongoing in the crypto markets? And doesnt the fact of loss of market share account for a lot of it? Its like saying, well, Windows had 100 viruses when it first came out, but now with Unix, Mac OS, Android, etc. it has 20 virsuses.

No shit.

In reply to by Cryptopithicus Homme

lookslikecraptome inhibi Tue, 08/07/2018 - 14:20 Permalink

Power and electricity is not a valid argument against crypto-currency.  The blockchain is distributed all around planet Earth.  If you're really worried about an eternal, global power outage kill yourself now.

lookslikecraptome gets his crypto information from Bloomberg.  'Nuff said.

____________________________________________________________________________________

 

Yo Inhibi. Talking intelligently to crypto homo is a fools errand. Give it up. He is literally the dumbest person to ever post on this site. 

You will note my comment had NO mention of power or electricity in it. Only that some poor heroin addict could not buy heroin with crypto. 

So here is hoping u have better things to do than to engage crypto homo. dude is a moron. 

 

In reply to by inhibi

Cryptopithicus Homme inhibi Tue, 08/07/2018 - 14:55 Permalink

It has nothing to do with "not making it".  I just means that crypto is massively under-owned even compared to physical gold and silver.  If the fiat controllers were funneling even 1% of their print-a-thon into crypto, Bitcoin we would be seeing much, much higher prices.  Crypto for all its massive gains so far, is still not keeping up with Austrian defined inflation.

In reply to by inhibi

lookslikecraptome LawsofPhysics Tue, 08/07/2018 - 14:23 Permalink

Power and electricity is not a valid argument against crypto-currency.  The blockchain is distributed all around planet Earth.  If you're really worried about an eternal, global power outage kill yourself now.

lookslikecraptome gets his crypto information from Bloomberg.  'Nuff said.

____________________________________________________________________________________

 

Yo LOP. Talking intelligently to crypto homo is a fools errand. Give it up. He is literally the dumbest person to ever post on this site. 

You will note my comment had NO mention of power or electricity in it. Only that some poor heroin addict could not buy heroin with crypto. 

So here is hoping u have better things to do than to engage crypto homo. dude is a moron. 

In reply to by LawsofPhysics

Buckaroo Banzai LawsofPhysics Tue, 08/07/2018 - 16:06 Permalink

"If you don't think that the central bankers have been interested and investing in (with unlimited capital) the adoption of a digital/cryptocurrency since the dawn of the computer, then you really are a special kind of stupid."

They have, it's called "the US dollar", there are trillions of them, and the SWIFT network that they are transacted on is secure and well hidden from prying eyes.

In reply to by LawsofPhysics

RioGrandeImports Slaytheist Tue, 08/07/2018 - 16:15 Permalink

Grab the bricks too, lol. I mean, they're hunting pallets of molecules that have a wholesale value roughly between silver and gold per gram. Black markets...price floors, anti-capitalism, oligopoly. Commodities such as these can easily be produced in considerable quantities and with prices similar to foodstuffs. But Prison-Statism is a popular franchise for the preminent Pirates of Earth.

In reply to by Slaytheist

RioGrandeImports Stan522 Tue, 08/07/2018 - 16:07 Permalink

Darknet market after market has been popped by the 'authorities'. Nonetheless, many suppliers/clients develop clearnet relationships that don't necessitate the use of The Onion Router services. The primary issue being trust. Alas, some people are willing to do business in this manner, particularly with someone they have had successful relations many times in the past. They just work outside the market framework.

In reply to by Stan522

e_goldstein ssk81646 Tue, 08/07/2018 - 11:27 Permalink

Listen up ho, I keep seeing you babble about this $11752 that you made last month and I ain't seen shit from it.

I told you our arrangement when you first started sucking dick for me... bitch better have my money or you are going to get well acquainted with the back of my hand and maybe my cane up your ass again.

fucking scimmin ho.

In reply to by ssk81646

moonmac Tue, 08/07/2018 - 11:24 Permalink

DEA = #1 Nanny Socialist Police State Enforcer

If I’ve only experienced “Purgatory” pain for 25+ years than our Evil Nanny State Do-Gooders will experience 1000 times worse pain in Hell.

PRAISE JESUS CHRIST!!!

hooligan2009 Tue, 08/07/2018 - 11:33 Permalink

remember, just because you haven't noticed that someone is stealing your electricity does not mean that your power bill is way too high.

this: " The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased.” begs the question

"how does anyone know about the level of criminal activity?"

and also begs the question "does 5 billion in illegal activity ten years ago, compared to 50 billion in illegal activity today, mean that crypto-currency is crime free?"

Sages wife Tue, 08/07/2018 - 11:34 Permalink

The establishment is desperate that the proles get on board. Otherwise, the global reserve/fiat 'currency' won't fly. It represents absolute control. Fuck blockchain; the whole ridiculous mess is an insult to society. "Give us your hard earned slave wages, and we'll give you nothing in return."