Friday, September 17, 2021

US government hires Anchorage Digital to handle seized crypto.

The Takeaway:

The US government has hired the services of crypto custody service provider Anchorage Digital to handle the digital assets seized from criminals.

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In a blog published this week, cryptocurrency custodian Anchorage Digital revealed that it had been chosen by the United States Marshals Service (USMS), a bureau within the US Department of Justice (DOJ), to handle the crypto assets confiscated by law enforcement agencies. The USMS seizes cash, real estate, art, and other assets used in the commission of a crime. Several other countries are also actively regulating cryptocurrencies. 

 

The USMC seizes crypto assets used in criminal activities.

The USMS seizes cash, real estate, art, and other assets used in the commission of a crime. Amid the growing popularity of Bitcoin (BTC) and other cryptocurrencies, the agency has also been forfeiting digital assets used in criminal activities. In 2019, USMS started to look for a partner that will handle the seized crypto assets from criminal activities. The announcement revealed that Anchorage Digital, the first chartered bank for crypto, has been chosen as USMS’s partner. The San Francisco-based firm said that it would provide the USMS a suite of cryptocurrency services such as custody, liquidation, audit compliance, management of blockchain forks, wallet creation, the transformation of token assets into coin assets, and actions associated with the forfeiture process of cryptocurrencies.

 

Authorities are concerned about the increasing use of crypto in criminal activities. 

Authorities in the United States and in other countries have raised concerns that cryptocurrencies are being used in criminal activities. In June, the DOJ announced that it seized 63.7 BTC worth $2.3 million at the time. The crypto funds are allegedly the proceeds of a ransom payment made to members of the DarkSide group behind the Colonial Pipeline hacking incident. Regulators across countries have expressed concern over the increasing use of crypto in criminal activities, especially in money laundering and terror financing

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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