As Business Insider reports, legal organizations from 16 countries around the world started an operation together. The name of this operation was Trojan Shield. 800 criminals were caught in the operation. Drugs and currency of many countries as well as cryptocurrencies were also recovered from them. The report does not provide information on how much the cryptocurrency was worth only, but the total value of physical and digital currency was $48 million (approximately Rs 350 crore). This operation was going on for three years and the main involvement in this was a messaging service ANOM which was believed to be secure but was actually being controlled by the police. In such a situation, the criminals believed that they were safely in contact with each other, but in reality the police were keeping an eye on their every move.
The ANOM service was created by the FBI (Federal Bureau of Investigation) in 2019 in collaboration with the Federal Police of Australia. Over time, this messaging service became popular among criminals and maximum criminals started talking on this service. The authority got the benefit of this and they caught 800 criminals through raids. Through this service, criminals exchanged 27 million messages and 45,000 photographs.
Large criminal groups are raided from time to time by many agencies, but this time the seizure of cryptocurrencies on such a large scale is a matter of concern for all the authorities. Governments have already raised concerns over the misuse of cryptocurrencies. As the report also says, breaking modern encryption of cryptocurrencies is currently the biggest problem for legal organizations. This is the reason why recently the head of the US Internal Revenue Service also demanded to empower people involved in the law to make strict rules on crypto transfers.
IRS Chief Charles Rettig believes that there are more than 8,600 exchanges around the world, with the total capitalization of the cryptocurrency market exceeding $2 trillion (approximately Rs 1,45,84,300 crore). He says that these cryptocurrencies are designed in such a way that most of these digital currencies remain out of sight of the law. For this reason, he has demanded from the committee to provide authority to make strict rules on crypto transfers.
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