North America is witnessing a concerning rise in counterfeit currency incidents, as 'bleached' bills circulate across the region. This new wave of counterfeiting involves altering lower denomination bills, typically $1 notes, into counterfeit $100 bills by removing the original ink and overprinting them. The issue has been reported from diverse locations such as Texas, Ohio, Hawaii, and even Canada, affecting various sectors including retail and entertainment.
The counterfeit notes are often used in transactions where the counterfeiters can receive genuine currency as change, maximizing their fraudulent gains. The technique of bleaching smaller bills and reusing them as higher denominations poses significant challenges for businesses and consumers, who are urged to be more vigilant.
The U.S. Secret Service has intervened, seizing nearly $22 million in counterfeit cash in 2023 alone. This resurgence of fiat counterfeiting has sparked discussions in the crypto community about the vulnerabilities of traditional money and the contrasting security features of digital currencies like Bitcoin, which are nearly impossible to counterfeit due to blockchain technology.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
