Crypto-Savvy Drug Cartels Pose New National Security Risks, Says US Congressman

A US Congressman says that drug cartels have ramped up the use of cryptocurrencies and crypto wallets to mask their illicit activities, presenting a new security threat.

In a new blog post on The Hill, Republican Tony Gonzales of Texas’s 23rd district says that the US government is currently facing threats from cybercriminals on multiple fronts.

 

Gonzales says that untraceable cryptocurrencies make it cheaper and more convenient for cartels to launder money, negating the need for vehicle transports, couriers, drones, wire transfers, and small aircraft.

Citing the FBI’s recent recovery of 63.7 Bitcoin paid by the Colonial Pipeline Company during a ransomware attack, Gonzales says that a coalition of federal law enforcement agencies are bolstering their efforts to combat online crypto crimes.

 

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