Sec and FBI Eye Blockchain Analysis Services as BlockSeer to track Bitcoin's Blockchain

It's no secret that the blockchain industry is full of people who hate it. While many of us are enthusiastic about this new technology and even when we see its flaws we look at the bright side, there are certainly enemies. These enemies are known to have thought that Bitcoin is only used for money laundering and similar activities, which is far from being the truth.

Cryptos are not inherently bad and can be used in many things. The US government, however, seems to rely on the side of the people against the criptos (or at least very worried that they can be used for illegal activities), so it has spent millions to fight money laundering.

In fact, according to data compiled by Diar, the government has spent over $ 5.7 million so far to buy the services of blockchain analysis companies like Chainalysis, Elliptic and CipherTrace.

These companies use systems to identify illegal activities and link them to Bitcoin addresses. The processes, however, are kept in camera, but we know that they track the transactions up to the exchanges registered to see who bought the tokens.

Many government agencies such as IRS, FBI, SEC and the CFTC is using the services of these companies and chasing the suspicions of Bitcoin over the years. Not surprisingly, the amount of money spent by these agencies has tripled in the last few months as more and more people are using Bitcoin.

Even with the encrypted prices that fall, the crypto awareness is still very high, so it is natural that these agencies are using blockchain data as a paper trail to chase suspects.

The CEO of DMG Blockchain Solutions will speak on BlockSeer

Dan Reitzik, CEO of DMG Blockchain Solutions, discussed this topic. During the presentation, he talked about BlockSeer and how these companies work. According to him, the company essentially follows Bitcoin and Ethereum while the pieces move through the blockchain. The services are more used by the CIA, FBI, Homeland Security and IRS.

These services will not cease to be used anytime soon. In fact, they will probably become more and more common over time. This is part of why Monero is so popular. You can not find it, so if you appreciate your privacy or if you want to do something illegal, Monero is the way to go.