New Report Says The Government Of U.S. Spent Millions Trying To Track Crypto Users

We have been covering the news around regulation on our DC Forecasts crypto news site for about a year now, as well as the attempts by governments to ‘spy’ on the cryptocurrency users everywhere around the globe.

In the latest news, the U.S. government is in the spotlight – for allegedly spending millions on tracking cryptocurrency usage. According to the report published by a research firm named Diar, the US government agencies have collectively spent $5.7 million in hiring contractors who perform blockchain analysis, involving linking an individual’s identity with their crypto funds.

Even though there are tools that purport to allow users to send crypto anonymously, most of the users out there leave out some trails. When using the right tools, investigators can exactly determine to whom a particular wallet belongs.
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Once a crypto user exposes their pseudonymous cryptocurrency address to a specific service or individual who could identify it as belonging to their real-world identity, they have the risk of having their entire wallet exposed as belonging to them – once a blockchain forensics takes his time to aggregate the data.

In most of the cases, these privacy lapses occur when users deposit or withdraw funds at a cryptocurrency exchange, where they are listed under their name and identity. The Internal Revenue Service (IRS) of the U.S. has so far signed nine contracts with cryptocurrency forensics providers, together worth under $2.2 million and representing 38% of the government’s total spending on these services.
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