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Cryptocurrency Exchange Coinbase Has Been Providing “Historical Geo Tracking” Information And Tracing Software To Government Agencies: So Much for "Secure and Anonymous"
Nation and State ^ | 06/30/2022 | Tyler Durden

Posted on 06/30/2022 8:49:03 PM PDT by SeekAndFind

So much for decentralized finance.

The largest cryptocurrency exchange in the U.S., Coinbase, has been reportedly selling Immigrations and Customs Enforcement tools to track and identify cryptocurrency users, a stunning new report from The Intercept revealed this week.

The company "sold a single analytics software license to ICE for $29,000" back in August 2021, the report says. The next month, however, it sold software worth $1.36 million to the agency, the report says.

A contract involving the sales revealed that ICE "now has access to a variety of forensic features provided through Coinbase Tracer", the company's internal intelligence tool.

The tool allows people to trace transactions through the blockchain. Coinbase markets the software primarily for use in corporate compliance and law enforcement, the report says. It boasts that the tool has the ability to “investigate illicit activities including money laundering and terrorist financing” and “connect [cryptocurrency] addresses to real world entities.”

The contract revealed that ICE is now able to track transactions over a dozen digital currencies. The contract also revealed that “historical geo tracking data" was being provided to ICE, though The Intercept said details about what this data entails are fuzzy.

Coinbase spokesperson Natasha LaBranche, when asked about the contract, referenced The Intercept to the company's disclaimer on its website, which says: “Coinbase Tracer sources its information from public sources and does not make use of Coinbase user data.”

The sale comes as part of a broader pitch to sell its intelligence services to agencies like the IRS and the Secret Service, the report reveals.

Coinbase vice president of global intelligence John Kothanek said earlier this month in front of Congress: “If you are a cyber criminal and you’re using crypto, you’re going to have a bad day. … We are going to track you down and we’re going to find that finance and we are going to hopefully help the government seize that crypto.”


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: coinbase; cryptocurrency; geotracking
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1 posted on 06/30/2022 8:49:03 PM PDT by SeekAndFind
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To: SeekAndFind

Cryptocurrency has been a deep state project.
I have always believed that.
They want to see how digital currency operates in real time, before they make it the only legal currency option.

You will own nothing and be happy.


2 posted on 06/30/2022 8:50:34 PM PDT by Jonty30 (I would sell my family for a billion dollars and then buy them back when go on clearance.)
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To: SeekAndFind

Re: title

DUH - of course they have

LOL 😂😂


3 posted on 06/30/2022 8:59:04 PM PDT by SaveFerris (The Lord, The Christ and The Messiah: Jesus Christ of Nazareth - http://www.BiblicalJesusChrist.Com/)
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To: Jonty30

(I have always believed that.)

Me too. I never touched it.

Besides, I rarely have much spare money anyways.

One advantage of being poor. 🤣


4 posted on 06/30/2022 9:00:43 PM PDT by SaveFerris (The Lord, The Christ and The Messiah: Jesus Christ of Nazareth - http://www.BiblicalJesusChrist.Com/)
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To: SeekAndFind

I don’t know much of anything about crypto. Wondering if you can access it if the Internet is down?


5 posted on 06/30/2022 9:20:53 PM PDT by Dalberg-Acton
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To: SeekAndFind

Article 1
Section. 8.
Clause 1: The Congress shall have Power To ....

Clause 5: To coin Money, regulate the Value thereof,


6 posted on 06/30/2022 9:26:26 PM PDT by Bryan24 (When in doubt, move to the right..........)
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To: SaveFerris

I never fell for cryptocurrency.
Like yourself, I have empty pockets.
However, I have always believed the safest investments have always been the kind that people use to live. No matter how bad the economy gets, we need food and metal and gas and cotton and other commodities.
That’s where one should be investing for secure investments, or as secure as we can make them anyway.


7 posted on 06/30/2022 9:26:38 PM PDT by Jonty30 (I would sell my family for a billion dollars and then buy them back when go on clearance.)
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To: SeekAndFind
Well, considering there are websites with step-by-step instructions for reading, locating, and tracking transactions in the blockchain, I'm failing to see how ANYBODY thinks Bitcoin was ever supposed to be anonymous!

Like everywhere else online, your privacy in the crypto world is a commodity, usually bought and sold with little thought of the repercussions. If you're into crypto and privacy is a thing, then you're not buying Bitcoin or Etherium; you're buying Monero or Dash.
8 posted on 06/30/2022 9:39:30 PM PDT by Retrofitted
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To: Dalberg-Acton

Nope. Cryto go poof at that point. If the internet comes back up... well, that’s an “if” isn’t it?


9 posted on 06/30/2022 9:41:12 PM PDT by Retrofitted
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To: SeekAndFind

It’s not hidden from the government. It’s not stable. It’s not convenient. You gotta wonder if there much more to crypto than hype. Maybe it’s just a legal Ponzi that government forgot to regulate. If it ends in tears, I hope we don’t get Albanian-style ructions:

https://en.wikipedia.org/wiki/Albanian_Civil_War


10 posted on 06/30/2022 10:30:31 PM PDT by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: Jonty30

Best to own a small farm than invest!


11 posted on 06/30/2022 10:33:55 PM PDT by Herakles (Diversity is applied Marxism )
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To: Dalberg-Acton

There are satellite and HAM radio blockchain transmitting options if Internet is down. If the Internet/SWIFT goes down you also have to worry about your 401k, savings account, checking account, no ATM access, etc., etc..

https://www.wired.com/story/cypherpunks-bitcoin-ham-radio/

12,000+ Bitcoin “Nodes” worldwide (including mine) have a complete record of every BTC transaction since its creation in 2009. AKA “blockchain distributed ledger”.


12 posted on 06/30/2022 10:41:44 PM PDT by Drago
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To: Herakles

A service business is best.

Farming is a tough business.


13 posted on 06/30/2022 11:22:48 PM PDT by Brian Griffin
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To: Herakles

I agree with you, because a farm is about as close to life as you can get, However, how long will you pay taxes before they end up taking it away from you?


14 posted on 07/01/2022 12:26:22 AM PDT by Jonty30 (I would sell my family for a billion dollars and then buy them back when go on clearance.)
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To: SeekAndFind

It’s the exchange providing the tracing.


15 posted on 07/01/2022 2:38:22 AM PDT by fruser1
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To: Dalberg-Acton

“Wondering if you can access it if the Internet is down?”

good one ... nothing you can’t touch is accessible if the internet is down ...


16 posted on 07/01/2022 3:25:20 AM PDT by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: fruser1

“It’s the exchange providing the tracing.”

and without an exchange, crypto is utterly useless ...


17 posted on 07/01/2022 3:28:26 AM PDT by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: SeekAndFind

“So Much for “Secure and Anonymous””

just one more ridiculous myth fed to the punters, namely that because crypto is “decentralized”, it is invulnerable to purview by government (and banks) ... still, enough ignorant and greedy punters have swallowed the crypto myths to make a handful of even greedier assholes billionaires, who managed to convert gazillions of something with zero use-value into billions of useful US dollars ...


18 posted on 07/01/2022 3:35:41 AM PDT by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: SeekAndFind

Read later.


19 posted on 07/01/2022 5:49:46 AM PDT by NetAddicted (Just looking)
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To: SeekAndFind

We don’t live in a free capitalist “whoever makes the best mousetrap” society.

You only become Jeff Bezos, Bill Gates or Mark Zuckerburg with the approval and cooperation of Fed.gov.


20 posted on 07/01/2022 6:11:12 AM PDT by PGR88 (<i>)
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