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The U.S. is currently dealing with a drug epidemic. And one of the reasons behind the exacerbation of this problem could be the increasing use of cryptocurrency, according to an FBI agent.
FBI agent Kyle Armstrong recently said that 10 percent of global drug users acquire their supplies on the dark web, using virtual currencies as a means of payment. Armstrong revealed the data during the Crypto Evolved conference in New York on June 27, Cointelegraph reported.
The FBI agent also disclosed that there are 130 ongoing crypto-related investigations being carried out by the agency, making an emphasis on the role that the deep web plays in the drug epidemic. Moreover, Armstrong said that this number is but a small fraction of the overall cases being investigated as there are apparently thousands of these incidents being observed by the FBI.
The agent said that apart from drug-related crimes, the 130 cases mentioned also include incidents of kidnapping, human trafficking, and ransomware activities. Armstrong also noted that individuals operating on the deep web to conduct drug-related transactions are easier to track down than those who use traditional money.
However, the agent did admit that the anonymity feature of cryptocurrency provides a hindrance to the FBI’s investigation. Derek Benner, Homeland Security Investigations’ acting executive associate director, expressed a similar sentiment, saying that the deep web provides a shroud for these criminals, helping them move through the darknet relatively unseen.
Benner, in cooperation with several federal organizations, recently arrested 35 individuals who were engaged in illicit activities on the deep web. The authorities managed to seize $23.6 million worth of cryptocurrencies and other items gained illegally.
Among the agencies involved in the joint effort was the Drug Enforcement Agency (DEA), being that one of the targets of the initiative was the spread of the drugs in the crypto space, similar to what the FBI is trying to get at. Armstrong singled out opioid as the drug that caught their attention after the agency saw an increase in the abuse of the substance among those who make their purchase on the darknet.
