{"id":463140,"date":"2022-06-15T12:29:05","date_gmt":"2022-06-15T09:29:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/seized-crypto-safe-with-us-marshals-service-not-so-much-new-audit-reveals\/"},"modified":"2022-06-15T12:29:05","modified_gmt":"2022-06-15T09:29:05","slug":"seized-crypto-safe-with-us-marshals-service-not-so-much-new-audit-reveals","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/seized-crypto-safe-with-us-marshals-service-not-so-much-new-audit-reveals\/","title":{"rendered":"# Seized crypto safe with US Marshals Service? Not so much, new audit reveals"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34be02b764b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34be02b764b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/seized-crypto-safe-with-us-marshals-service-not-so-much-new-audit-reveals\/#%E2%80%9D_Seized_crypto_safe_with_US_Marshals_Service_Not_so_much_new_audit_reveals_%E2%80%9C\" >&#8221; Seized crypto safe with US Marshals Service? Not so much, new audit reveals &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Seized_crypto_safe_with_US_Marshals_Service_Not_so_much_new_audit_reveals_%E2%80%9C\"><\/span>&#8221; Seized crypto safe with US Marshals Service? Not so much, new audit reveals &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMDllZWQxYzUtYmZmYi00M2JlLWIyNjYtMGMxOTIxNzA3OWMyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Office of the Inspector <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the U.S. Marshals Service (USMS) \u2014 revealing the dire need for the federal agency to revamp its existing crypto management and policy systems.<\/p>\n<p>OIG\u2019s audit on the seized cryptocurrencies found the USMS implementing adequate safeguards over its storage and access. However, the agency was found to be using spreadsheets to maintain track of the inventory owing to the inability of the existing system, Consolidated Asset Tracking System (CATS), for daily management of crypto assets. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As of June\u00a02021, the USMS managed nearly 200 DOJ cryptocurrency seizures.\u00a0We looked at the USMS\u2019s management of seized cryptocurrency, and found that\u00a0the USMS faced\u00a0challenges in managing and tracking cryptocurrency.<\/p>\n<p>\u2014 DOJ Inspector General (@JusticeOIG) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JusticeOIG\/status\/1536711227774205952?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nOIG\u2019s audit disclosed the lack of documented policies and practices related to the management of seized crypto assets \u2014 especially related to the use of inventory spreadsheets\u2014 adding:<\/p>\n<blockquote><p>\u201cCurrent USMS seized cryptocurrency management policies are inadequate, absent, or in some instances provide conflicting guidance related to asset storage, quantification, valuation, and disposal.\u201d<\/p><\/blockquote>\n<p>Having the knowledge about USMS\u2019s intent to outsource the management of seized cryptocurrencies, the Justice department\u2019s OIG laid down seven recommendations to help improve the management of the same, starting with implementing a property management system \u201dthat logs edit history to prevent fraudulent alteration of the inventory records.\u201d<\/p>\n<p>In addition, the OIG recommended establishing fresh policies related to the proper security and handling of the spreadsheets used for tracking crypto seizures. This includes moving the data from the spreadsheets into the CATS inventory. <\/p>\n<p>Other key recommendations include introducing a sufficient number of decimal places to ensure fractional accuracy and implementing policies catering to blockchain forks and physical control over assets seized by the USMS, \u201cincluding pertinent USMS wallet keys.\u201d<\/p>\n<p>The report also revealed that USMS concurred with all the seven recommendations and will be closed upon evidence of its total implementation. <\/p>\n<p><strong><em>Related:\u00a0SEC boss worries crypto bill undermines financial protections<\/em><\/strong><\/p>\n<p>CoinShares\u2019 weekly Digital Asset Fund Flows\u00a0report highlighted the off-loading of digital asset products worth $101.5 million amid anticipation of \u201chawkish monetary policy,\u201d stating:<\/p>\n<blockquote><p>\u201cWhat has pushed Bitcoin into a \u2018crypto winter\u2019 over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.\u201d<\/p><\/blockquote>\n<p>The report also highlighted that the total assets under management for Ether (ETH) funds fell from their peak of $23 billion in November 2021 to $8.7 billion as of June 10, 2022.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/seized-crypto-safe-with-us-marshals-service-not-so-much-new-audit-reveals\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Seized crypto safe with US Marshals Service? Not so much, new audit reveals &#8220; The Office of the Inspector General (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the U.S. Marshals Service (USMS) \u2014 revealing the dire need for the federal agency to revamp its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMDllZWQxYzUtYmZmYi00M2JlLWIyNjYtMGMxOTIxNzA3OWMyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,71391,70934,67874],"class_list":["post-463140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-department-of-justice","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463140"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463141"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}