According to a public record, one of the most popular cryptocurrency exchanges Coinbase sells blockchain analysis software to the U.S. Secret Service.
According to The Block, which is dealing with this case, the Secret Service entered into a contract with Coinbase in May to use Coinbase Analytics software.
The contract is valid until May 9, 2024
The U.S. Secret Service is part of the U.S. The Department of Homeland Security and its role is to investigate financial crimes along with the protection of nation’s top leaders.
Coinbase told The Block last month:
Coinbase Analytics is a blockchain analytics product that we use internally for compliance and global investigations. It’s an important tool to meet our regulatory requirements and protect our customers’ funds. We developed Coinbase Analytics with technology from the Neutrino acquisition.
the information offered in Coinbase Analytics has always been kept completely separate from Coinbase internal data.
Coinbase CEO and Co-founder Brian Armstrong also commented on the situation, and posted on Twitter that he did not think the articles about Coinbase Analytics are “particularly newsworthy” and immediately defended the software that helps the company “recoup costs” and build relationships with law enforcement.”
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