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CRYPTOCURRENCY TITAN COINBASE PROVIDING “GEO TRACKING DATA” TO ICE

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COINBASE, THE LARGEST cryptocurrency exchange in the United States, is selling Immigrations and Customs Enforcement a suite of features used to track and identify cryptocurrency users, according to contract documents shared with The Intercept.

In August 2021, Coinbase sold a single analytics software license to ICE for $29,000, followed by a software purchase potentially worth $1.36 million the next month, but details of exactly what capabilities would be offered to the agency’s controversial Homeland Security Investigations division of were unclear. A new contract document obtained by Jack Poulson, director of the watchdog group Tech Inquiry, and shared with The Intercept, shows ICE now has access to a variety of forensic features provided through Coinbase Tracer, the company’s intelligence-gathering tool (formerly known as Coinbase Analytics).

Coinbase Tracer allows clients, in both government and the private sector, to trace transactions through the blockchain, a distributed ledger of transactions integral to cryptocurrency use. While blockchain ledgers are typically public, the enormous volume of data stored therein can make following the money from spender to recipient beyond difficult, if not impossible, without the aid of software tools. Coinbase markets Tracer for use in both corporate compliance and law enforcement investigations, touting its ability to “investigate illicit activities including money laundering and terrorist financing” and “connect [cryptocurrency] addresses to real world entities.”..

To read more visit The Intercept.

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