Cryptocurrency Analysis and News Portal
According to new research, fewer cybercriminals are turning to Bitcoin as their primary method of moving illicit funds, with bad actors opting to go back to fiat channels or choosing other cryptocurrencies.Digital asset compliance and risk management firm TRM Labs revealed that illicit finance volumes involving Bitcoin (BTC) had fallen
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Eun Young Choi, director of the National Cryptocurrency Enforcement Team (NCET), said the DOJ is targeting crypto exchanges that allow "criminal actors to easily profit from their crimes and cash out," as a means of fighting crypto crime which she said has grown "significantly" in the last four years. Source
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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls
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The U.S. Treasury Department is close to releasing a risk assessment analyzing criminal use of decentralized finance (DeFi), according to Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg. Source
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The DOJ has ordered the arrest of Bitzlato founder Anatoly Legkodymov for allegedly aiding and abetting financial impropriety.According to reports, the FBI recently arrested Bitzlato founder Anatoly Legkodymov late Tuesday in Miami for allegedly laundering $700 million. Legkodymov’s apprehension comes as part of broader plans by the US Department of Justice
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Setting aside the criminal investigations of failed crypto businesses like FTX, Celsius, 3AC, Terra and others, 2022 set the record in illicit on-chain transactions. According to a yearly report published by Chainalysis on Jan. 12, the total cryptocurrency value received by illicit addresses reached $20.1 billion in the last year.The numbers
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Data transparency has been a focal point for the crypto industry, but the FTX fiasco has shown that centralized exchanges (CEX) are not transparent enough. So far, crypto analytics firms are apparently not capable of tracking transactions to prevent collapses like FTX.All Bitcoin (BTC) transactions are available publicly on-chain, which
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“The growing use of digital assets in financial activity heightens risks of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption,” the notice said. “These illicit activities highlight the need for ongoing scrutiny of the use of digital assets, the extent to which technological
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Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm
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As on-chain activities slow down during the crypto winter, usage of cryptocurrency mixers has doubled in 2022, with addresses classified as "illicit" being the top contributor. Cryptocurrency mixers, also called “tumblers,” provide anonymity to transactions, making the sender or receiver of the transaction completely unidentified. While this has a valid use
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