RATE Group | The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users
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The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users

25 Sep The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users

Posted at 17:55h in Cryptocurrency News by

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cryptocurrency tracking

If you’ve ever wondered whether Uncle Sam is spying on your cryptocurrency transactions, a new report reveals that, if you reside or do business in the United States, the answer is probably yes.

U.S. Govt. Goes All in on Tracking Cryptocurrency Usage

Citing public records, research firm Diar reports that U.S. government agencies have collectively spent $5.7 million hiring contractors who perform blockchain analysis, which involves linking an individual’s identity with their cryptocurrency funds.

Though there are tools and even individual cryptocurrencies that purport to allow users to send funds anonymously, the vast majority of cryptocurrency users leave enough of a trail that, equipped with the right tools, investigators can determine to whom a particular wallet belongs.

Once a cryptocurrency user exposes their pseudonymous cryptocurrency address to a service or individual who could identify it as belonging to their real-world identity, they run the risk of having their…

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