US Secret Service to hold AMA to educate crypto users

The US Secret Service’s San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) will hold an ask me anything (AMA) session on May 15, 2023, from 11 AM PM on Reddit, a social media platform.

The host of this special session will be the moderators of the popular crypto-centric forum on Reddit, CryptoCurrency. The subreddit has over six million users and is a choice engagement portal for cryptocurrency fans from across the globe.

The r/CryptoCurrency moderators have confirmed that the United States REACT team wants to engage with the community. 

As they promote their AMA, the branch of the Secret Service said their task is to keep the cryptocurrency sphere safe since the agency also acknowledges the importance of crypto as the future of money and a cog in the global financial infrastructure, which they are also mandated to secure.

During the AMA, REACT will share its work while providing resources and information for the cryptocurrency community to keep their money safe.

REACT deals with high-technology crime. Their work involves disrupting criminal networks, picking out emerging threats, and occasionally assisting cases requiring special expertise.

The team has confirmed that they have investigated pig butchering schemes targeting United States citizens. 

The scheme is a scam where the fraudster leverages the immutable nature of crypto transfers to cheat and drain victims after gaining their trust. 

According to the Federal Bureau of Investigation (FBI), Americans lost over $420 million to pig butchering scams in 2021.

It is unclear why REACT wants to engage with the cryptocurrency community.

Law enforcement agencies are wary of some cryptocurrencies

However, regulators in the United States have been targeting crypto companies, including exchanges. Multiple actions have been taken against some entities, including Binance and Kraken.

Earlier, law enforcement agencies, including the Secret Service, have launched investigations into deep web money laundering activities related to privacy-centric coins like Monero. 

Unlike mainstream currencies like bitcoin (BTC), monero transfers are difficult to track and can be abused by criminals.

Last week, the United States Chamber of Commerce released a statement backing cryptocurrencies while attacking the Securities and Exchange Commission’s (SEC) actions against companies.