The agreement between Coinbase is an American company that operates a cryptocurrency exchange platform. and the ICE was finalized in September 2021, and through the Coinbase Tracer the government agency may track certain cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. transactions associated with wrongdoing.
- ICE use the tool Coinbase Tracer to track cryptocurrency transactions.
- Coinbase finalized an agreement with ICE in September 2021 to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. its operations.
- The data handled by Coinbase Tracer come from public sources. They do not use information from exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. customers.
Recent reports indicate that the US-based international exchange, Coinbase, provided the agents of the Immigration and Customs Enforcement (ICE) a special tool, with which the organization can track transactions with cryptocurrencies.
Coinbase eases the ICE tool to track crypto transactions
According to information published by the mediaThe Intercept, the tool in question is called Coinbase Tracer, and allows the staff of ICE employ geolocation techniques to track the flow of cryptocurrencies sent between wallets in order to trace illicit transactions and link funds to real-world entities.
Let’s keep in mind that ICE is a government agency attached to the U.S. Department of Homeland Security, whose purpose is to protect the country from illegal immigration and cross-border criminal activity. As stated in an email released by the Freedom of Information Act, the agency will be able to use Coinbase Tracer in any way it wishes, without any limitations or guidelines as would apply to users who agree to a licensing agreement.
In relation to this alliance, the spokeswoman for Coinbase, Natasha LaBranche, did not offer any further details beyond providing information about Coinbase Tracer, but invited interested parties to visit the exchange’s website to learn more about this product. In this regard, the portal indicates that the information provided by the transaction tracker comes from public sources, and that the data of the platform’s users is not used.
But what is known is that the ICE you can make use of Coinbase Tracer after having signed a trade agreement for USD $1.36 million in September last year. At that time it was not clear what the agreement consisted of, since it was only known that Coinbase would provide software and services to the government agency.
Interest in cryptocurrency trading
The fact that the ICE The interest in monitoring cryptocurrency transactions is associated with the local government’s concern about the use that criminals make of these assets, which serve as a means to perpetrate illicit acts that put the country and its residents at risk.
Let’s keep in mind that President Biden asked government agencies to join forces to further explore cryptocurrencies and the technology Blockchain, This in order to identify opportunities and threats associated with them.
The US government has also issued a call about ransomware ransomware is a type of malware used by hackers to steal or encrypt their victims’ files to extort them for a ransom in exchange for file decryption or restoration. attacks and cryptocurrency payments. Let’s keep in mind that one of these hacks affected one of the main oil pipelines in the country, causing problems in the supply of gasoline in certain parts of the country.
It remains to be seen what benefits will be identified by the team from the ICE in relation to this product, and whether this will help the agency combat illicit activities in which cryptocurrencies are used.
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Version by Angel Di Matteo / DiarioBitcoin
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