Cryptocurrency
Meet the former prosecutor asked to investigate bitcoin who became the face of crypto VC investing
As reported by CNBC, “Seven years ago, bitcoin was a foreign language to federal prosecutor Katie Haun. That changed when her boss at the U.S. attorney’s office asked her to look into shutting it down. “What’s now the most widely used cryptocurrency was a niche payment method being used in the depths of the internet, in many […]
As reported by CNBC, “Seven years ago, bitcoin was a foreign language to federal prosecutor Katie Haun. That changed when her boss at the U.S. attorney’s office asked her to look into shutting it down.
“What’s now the most widely used cryptocurrency was a niche payment method being used in the depths of the internet, in many cases being used to buy illegal goods on black markets. But Haun quickly decided the currency itself wasn’t what needed probing.
“’It would have been akin to saying ‘let’s go prosecute cash,’’ Haun said.
“Instead, her department prosecuted multiple cases where bitcoin was being used for extortion and white collar crime. In some cases, the technology behind bitcoin, known as blockchain, actually helped the department solve cases.
“Haun’s view on cryptocurrency has evolved, and so has her career path. After spending much of her professional life prosecuting prison gangs, corrupt officials, and the mafia, she’s now the first female general partner at Silicon Valley investing powerhouse Andreessen Horowitz. Haun runs the $350 million cryptocurrency fund that launched last summer and was an early part of Facebook’s libra launch, making her one of the most recognizable investors in the space.
“She started viewing it through the same lens as she saw cash: bitcoin could enable criminal activity but it wasn’t responsible. In some ways, its technology actually helped her solve cases. Blockchain transactions are stored on a digital ledger that are visible to anyone but can’t be changed. That ‘digital bread crumb’ helped her track down illegal funds more easily than tracking cash. Haun said it was even easier than credit cards or international bank accounts, which can be tough to subpoena.
“’The government was able to use that same technology to actually track down criminal activity it might not otherwise have been able to,’ she said. ‘Without the technology underlying bitcoin, we never would have been able to catch those people.’”
Continue to read the full story at CNBC.
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