Explorer

Coinbase Provides Software To US Immigration And Customs Enforcement Agency To Help Track Crypto Transactions

Coinbase Tracer allows clients, in both government and the private sector, to trace transactions through Blockchain.

San Francisco: Cryptocurrency exchange Coinbase has provided sophisticated tools to the US Immigration and Customs Enforcement (ICE) agency to help it track transactions across Bitcoin, Ether and other cryptocurrencies.

According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month.

"ICE now has access to a variety of forensic features provided through Coinbase Tracer, the company's intelligence-gathering tool (formerly known as Coinbase Analytics)," the report said on Thursday.

Coinbase Tracer allows clients, in both government and the private sector, to trace transactions through Blockchain.

A company spokesperson said that "Coinbase Tracer sources its information from public sources and does not make use of Coinbase user data."

The software is offered on an "as a service" cloud subscription basis.

ICE is a division of the US Department of Homeland Security and also looks into "broader transnational crimes as well, including various forms of financial offenses".

The US Department of Justice (DOJ) recently announced that the Federal Bureau of Investigation (FBI) is forming a new specialised team dedicated to tackling growing cryptocurrency crimes.

Fraudsters are leveraging increased fear and uncertainty during the pandemic to steal money and launder it through the complex cryptocurrency ecosystem.

"People of all ages, including the elderly, are being victimised by criminals through cryptocurrency-related fraud schemes. Developments in cryptocurrency technology and an increasing number of businesses accepting it as payment have driven the growing popularity and accessibility of cryptocurrency," the FBI said recently.

The FBI in April blamed North Korean hacker group Lazarus for stealing $625 million in cryptocurrency from the Ronin Network, owned by developer group Sky Mavis.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Arvind Kejriwal Arrest: UN Steps In As Case Against Delhi CM Heats Up Ahead Of Lok Sabha Elections
Arvind Kejriwal Arrest: UN Steps In As Case Against Delhi CM Heats Up Ahead Of Lok Sabha Elections
'My Father Was Given Slow Poison': Son Umar On Mukhtar Ansari's Death
'My Father Was Given Slow Poison': Son Umar On Mukhtar Ansari's Death
WATCH | PM Modi Explains To Bill Gates How Researchers Can Collect Data From Masses Without Invading Privacy
WATCH | PM Modi Explains To Bill Gates How Researchers Can Collect Data From Masses Without Invading Privacy
Months After Praful Patel Joins NDA, CBI Closes Probe In UPA-Era Aircraft Leasing Case
Months After Praful Patel Joins NDA, CBI Closes Probe In UPA-Era Aircraft Leasing Case
Advertisement
for smartphones
and tablets

Videos

Mukhtar Ansari Death: BSP Chief Mayawati Calls For 'High-Level Probe'Mukhtar Ansari Death: Nephew Of Krishnanand Rai Reacts To Mukhtar Ansari's DeathPanel Of 2 Doctors To Conduct Post-Mortem On Mukhtar Ansari's BodyGangster-Turned-Politician Dies Of Cardiac Arrest In Banda Hospital

Photogallery

Embed widget