It’s great that these scammers are being taken out, and that many more are under suspicion.
https://www.zerohedge.com/markets/63-arrested-crypto-millions-frozen-fbi-doj-team-meta-coinbase-and-starlink-disrupt-online
The para that caught my eye though was this one:
“Blockchain technology is one of the most powerful tools we have in the fight against financial crime,” Leah Bressack, vice president at Coinbase, said.
“Unlike traditional financial systems, the transparent and immutable nature of transaction data means bad actors can’t hide – every transaction leaves a trail. That transparency is exactly what allowed us to work with law enforcement to trace, freeze, and disrupt these criminal networks.”
Wasn’t the selling point, sorry, the selling point, of crypto the fact that transactions were untraceable? Unlike bank transfers, credit card purchases, stock market sales and purchases, $10,000 cash deposits (or whatever the limits are in your country) etc. And now, not only is a VP of Coinbase, whose webpage says”Coinbase powers the cryptoeconomy” and “245,000 ecosystem partners in over 100 countries trust Coinbase to easily and securely invest, spend, save, earn, and use crypto.”, boasting that blockchain is transparent, which doesn’t sound like “secure” to me, but that Coinbase will help authorities delete your internet connection if you are suspected of wrongdoing. In this case it is scammers, but clearly there’s no reason why it won’t be used for drug dealers, tax evaders, Early Learing fraudsters, child sex traffickers and so on, and again, quite right too.
But then, what about accounts associated with, for example, the Reform party in the UK. Or with Marine Le Pen, a politician convicted of electoral spending fraud. Or Thomas Massie, because someone doesn’t like him. Or you, because you expressed sympathy for a victim of the LGBTQRSTUV+ brigade and donated some crypto to their go-fund-me?
Now they’ve admitted there is no secrecy there’s less reason to use crypto. And one reason more that could be contributing to its current decline.