Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

US agency uses ‘blockchain exploitation tools’ to clampdown cryptocurrency-based illicit opioid purchases

The U.S. Immigration and Customs Enforcement (ICE) is keeping a close eye on the use of cryptocurrencies for the illicit procurement of opioids.

In his written testimony published January 25, ICE Homeland Security Investigations (HSI) Office of Illicit Trade, Travel, and Finance Deputy Assistant Director Greg Nevano highlighted the crisis of heroin and illicit fentanyl in the U.S. and the efforts of the ICE to target, investigate, disrupt, dismantle and bring to justice the criminal elements responsible for the manufacturing, smuggling, and distribution of dangerous opioids.

Among other efforts, Nevano outlined the agency's efforts to monitor use of cryptocurrencies for illegal purchases of opiods. He said:

“ICE conducts proactive investigations that focus on the two key payment systems which support illicit procurement of opioids: money service businesses (MSBs) and cryptocurrencies.”

Nevano explained that on dark net marketplaces and other “unindexed” websites, the payment for illicit opioid purchases is often made via cryptocurrencies such as Bitcoin or Monero, among many others. He said that the ICE uses undercover techniques and also uses “blockchain technology exploitation tools” to crack down on such activities.

“ICE uses undercover techniques to infiltrate and exploit peer-to-peer cryptocurrency exchangers who typically launder proceeds for criminal networks engaged in or supporting dark net marketplaces. Furthermore, ICE leverages complex Blockchain technology exploitation tools to analyze the digital currency transactions and identify transactors,” Nevano added.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

November 19 11:30 UTC Released

CLGDP QQ

Actual

0.3 %

Forecast

0.4 %

Previous

0.7 %

November 19 11:30 UTC Released

CLGDP YY

Actual

2.8 %

Forecast

2.9 %

Previous

5.3 %

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 433166433166m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 433166433166m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421346421346m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.