FBI Agent In Charge Of Virtual Currency Claims 130 Cases Tied To Crypto

Crime, FinTech | June 28, 2018 By:

The Federal Bureau of Investigation has 130 cases tied to cryptocurrencies, according to special agent Kyle Armstrong, who was speaking at a conference.

Armstrong is in charge of the FBI’s virtual-currency initiative, which has existed roughly three years. First reported by Bloomberg, the cases are tied to human trafficking, illicit drug sales, kidnapping and ransomware attacks.

“There are thousands of cases in the bureau, so it is a small sliver at this point,” Armstrong said during his speech at the Crypto Evolved conference. The FBI has noted that cryptocurrency related crime is increasing, he added.

The so-called “dark web” is a particular focus of the FBI. Drug trading is active there, accounting for purchases by 10 percent of global drug users. The FBI also claims a rise in extortion schemes using digital currencies on the southwest border of the US, Armstrong said.

Despite those facts, Armstrong said the FBI is neutral on digital tokens, noting they have legitimate uses.