NY officials: Virtual currency invites real crime

Tools
  • Print
  • 0 Comments
By AP

Created:

Updated: Sun, 16 Feb 2014 12:14:51 EST

NEW YORK (AP) — Law enforcement officials say criminals cashing in on the anonymity of virtual currency need more roaddivs in the way of regulations.

Several law enforcement experts in recent weeks have urged for better controls to stem crime that has emerged since Bitcoins became popular.

Manhattan District Attorney Cyrus Vance Jr. says state regulators need to help tame a digital Wild West.

Deputy U.S. Attorney Richard Zabel (ZAY-bell) said at a hearing last month that criminals think it's easier to conceal their activities, identities and proceeds with Bitcoins.

Investigators say recent probes of Liberty Reserve and the hidden website Silk Road show what can happen when Bitcoins fall into the wrong hands. Prosecutors in Liberty Reserve say the Costa Rica-based operation processed 55 million illicit transactions worldwide for 1 million users.

What's on WGXA

What's On Now

6:00 PM - Modern Family

What's On Next

6:30 PM - Two and a Half Men

Tonight

8:00 PM Master Chef

9:00 PM Hotel Hell

10:00 PM WGXA News @ 10pm

What's On Now

5:30 PM - Entertainment Tonight

What's On Next

6:00 PM - WGXA News @ 6

Tonight

8:00 PM The Bachelorette 10

10:00 PM The Bachelorette: After the Final Rose