Empowering the Secret Service to Combat Crypto Crimes
Two senators in the USA, Catherine Cortez Masto from Nevada and Charles Grassley from Iowa, have recently introduced a new bill titled “Combatting Money Laundering in Cyber Crime Act of 2024.” The primary aim of this bill is to grant additional authority to the United States Secret Service to effectively tackle crimes associated with cryptocurrencies.
- The bill is designed to strengthen the investigative powers of the Secret Service concerning digital asset transactions and counteract transnational cybercriminal activities.
- It focuses on unauthorized money transmission activities, structured transactions, and fraud against financial institutions.
Senator Catherine Cortez Masto emphasized the significance of equipping the Secret Service with the necessary tools to investigate criminal organizations that exploit digital assets to circumvent the law. This proactive approach is crucial in the ongoing fight against financial crimes to uphold public safety.
Cracking Down on Crypto Crimes: USA vs. Australia
While the USA is working towards expanding the capabilities of the Secret Service to combat crypto-related crimes, Australia’s Federal Police recently enlisted the support of Chainalysis in their efforts. Through Chainalysis’s Spincaster Operation, the Australian Federal Police successfully identified over 2000 crypto wallets that fell victim to the Approval Phishing scam technique.
- The investigation into crypto crimes with Australian victims involved collaboration with various platforms, including BTC Markets, Binance, Crypto.com, Ebonex, Independent Reserve, OKX, SwyftX, and Wayex.
- Approval phishing is a deceptive technique where criminals trick victims into signing a malicious blockchain transaction, granting access to their crypto wallets and potentially draining their balances.
Tips to Safeguard Against Cryptocurrency Scams
With the rise in crypto scams, users must exercise caution to steer clear of potential traps in the digital asset realm. This year, a comprehensive guide was released to educate users on staying vigilant against cryptocurrency-related scams.
- Protecting your wallet, where your cryptocurrencies are stored, is crucial. Hardware wallets like Ledger offer enhanced security as users control their private keys or seed phrases.
- It is essential to refrain from sharing your seed phrase with anyone and opt for physical storage on paper rather than digital devices.
- Increasing awareness about prevalent crypto scam techniques, such as approval phishing, access control, rug pull, oracle issues, and flash loan attacks, is vital for users to safeguard their investments.
- Conducting thorough research on the reliability of platforms before engaging in conversations or making investments is crucial to mitigate potential risks.
Hot Take: Strengthening Crypto Crime Combat Efforts
In the USA, two senators have introduced a new bill to give greater powers to the Secret Service to combat crypto crimes. The proposed legislation aims to bolster the investigative authority of the Secret Service in digital asset transactions and counteract cybercriminal activities.
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