US Secret Service Seizes $21.8M in Counterfeit Cash: Impact on Bitcoin (BTC) and Crypto Market Unveiled

• Counterfeit cash is making a resurgence in the US, with numerous reports of people attempting to use fake money.
• Among the various techniques, bleaching $1 bills and printing $100 marks on top is becoming a common practice.
• The US Secret Service seized $21.8 million in counterfeit currency last year, leading to 197 arrests.

As technology advances, so do counterfeiting techniques. This article explores the rising trend of counterfeit cash in the US and its impact on the financial system.

Counterfeit Cash Making a Comeback

Reports are emerging from across the United States of people attempting to use counterfeit cash. ABC News has declared that counterfeiting is “making a comeback,” with numerous instances of people trying to pay with fake money.

A New Counterfeiting Technique

In Hilo, Hawaii, police report that someone has been bleaching the ink off of $1 bills and printing $100 marks on top. This method makes the counterfeit money harder to detect as it’s being printed on original US currency notes. Police captain Rio Amon-Wilkins says authorities are looking at several persons of interest in connection with the crime.

Recent Cases of Counterfeit Money Use

Several cases of counterfeit money use have been reported in the last few weeks alone. In Brownsville, Texas, a man is accused of manufacturing counterfeit dollar bills and using them to pay for groceries, hotels, gas, and food. In Boardman, Ohio, counterfeit money was used to enter a community baseball stadium. In North Carolina, a man admitted to bleaching $1 bills and trying to print $100 graphics on top.

International Counterfeit Cash

Counterfeit cash is not just a domestic issue. Police in Germany recently confiscated piles of fake cash with a face value of $103 million. Investigators believe the bad bills came from Turkey and were being sent to the US for illicit purposes.

Conclusion

The US Secret Service warns that counterfeiting techniques are evolving along with advances in technology. It seized $21.8 million in counterfeit currency last year, leading to 197 arrests. While the dollar value of its seizures has dropped in recent years, the threat of counterfeit U.S. currency to the financial system continues to evolve. As technology advances, so does the sophistication of counterfeiting techniques, posing a significant challenge to law enforcement agencies.