FBI Targets Crypto Crime in Virtual Asset Technical Exchange
The FBI's Virtual Assets Unit (VAU) hosted its ninth annual Virtual Asset Technical Exchange conference in New Orleans, focusing on cryptocurrency-related crimes such as human trafficking and investment fraud.
One of the key presentations came from BlockSec, a Chinese blockchain security firm that researches 'guarantee platforms', escrow services using Tether's USDT stablecoin to facilitate human trafficking and scam operations in Southeast Asia.
The research showed approximately $1.9 million in transaction volumes flowed through these guarantee platforms over six months, with operators collecting fees ranging from 10% to 15% per victim.
The presence of a Chinese firm at an FBI-hosted event highlights the cross-border nature of crypto crime and the need for international cooperation to combat it.