The US Secret Service has paid $183,750 for a four-year contract with Coinbase to use its blockchain analytics service.The exchange users believe their privacy is in jeopardy due to the government agency having the ability to view their on-chain activities.
According to USASpending.gov, a government source for data, the contract expires on May 10, 2024. Earlier, the crypto exchange Previously, Coinbase had offered to license its analytics platform to both the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS).
As previouslu reported, Coinbase users removed over $200 million worth of BTC from the U.S.-based digital currency exchange shortly after Coinbase offerring to IRS and DEA.
Coinbase CEO Brian Armstrong tweeted that blockchain analytics software is nothing new and it uses publicly available data to track crypto transactions for catching bad actors.