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Blockchain Analytics—the Secret Weapon to Combatting Ransomware  

CipherTrace provides critical cryptocurrency intelligence to the Ransomware Task Force to trace the criminal actors that perpetuate this threat. Ransomware not only impacts individuals; it also targets healthcare, education and even tech giants like Apple.  Ransomware continues to plague both the public and private sectors around the globe, but too often we in the cybersecurity industry find ourselves trying to… Read more

Crypto-Asset Exchange Threat Modeling

  On April 13, 2021, the Cloud Security Alliance (CSA) Blockchain/Distributed Ledger Working Group released the Crypto-Asset Exchange Security Guidelines—a set of guidelines and best practices for crypto-asset exchange (CaE) security. The set of guidelines were created to help educate users, policymakers, and cybersecurity professionals on the pros and cons of further securing Virtual Asset Service…

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SANCTIONS ALERT: Russian Crypto-Related Designations for US Election Interference

SANCTIONS UPDATE: On April 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 16 individuals and 16 entities for attempting to undermine and influence the 2020 US presidential election. The sanctions list includes Russian officials, proxies, and intelligence agencies linked to the Internet Research Agency (IRA)—a Russian “troll farm”…

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Canada Updates KYC Identity Verification Guidance for VASPs

On March 23, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its Know Your Customer (KYC) guidance on money services businesses (MSBs) and foreign money services businesses (FMSBs). FINTRAC classifies Virtual Asset Service Providers (VASPs) as MSBs, meaning they too must comply with these new guidelines under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act… Read more

Analysis: Proposed FATF Guidance for Virtual Assets and VASPs

On March 19, 2021, global anti-money laundering watchdog the Financial Action Task Force (FATF) released a public consultation for its updated Draft Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. Key changes in the draft guidance include: DEXs and crypto escrow services are considered Virtual Asset Service Providers (VASPs) Stablecoins… Read more

Who’s Laughing Now? Small Investors Pump Joke Token Dogecoin

The market volatility created last week as Redditors from r/wallstreetbets banded together to buy stock in GameStop (GME), AMC (AMC), and Bed, Bath, and Beyond (BBBY) through the Robinhood app spilled over into the cryptocurrency world when Dogecoin, a token established in 2013 to satirize the growth of altcoins, caught Reddit’s eye. DOGE has a…

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New US Administration Plans to Encourage Legitimate Use of Crypto, Curtail Criminal Use

During her confirmation hearing on January 19, Janet Yellen, President Joe Biden’s pick for Secretary of the Treasury, stated “many” cryptocurrencies are “a particular concern” when it comes to terrorism and criminal financing. This statement was in response to a question on how the US can curtail the use of emerging technology, such as crypto, in illicit financing.   On January 21, Yellen released  written responses to additional…

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$220M in Bitcoin May Be Encrypted Forever on IronKey

Stefan Thomas is two failed password attempts away from losing the private keys to $220 million worth of bitcoin forever. This is because Thomas holds the private keys to his bitcoin wallet in an IronKey. “The World’s Most Secure Flash Drive” would rather die than give up its secrets, thanks to a series of built-in…

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What Exactly is a Virtual Asset Service Provider (VASP)?

Cryptocurrency, digital asset, convertible virtual currency… there seems to be an endless list of terms for the same concept. If that wasn’t enough, a cryptocurrency exchange can also be referred to as a Virtual Asset Service Provider(VASP), Virtual Asset Entity, Digital Asset Customer (DACs), Money Service Business (MSB), or any other series of classifications depending…

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Infinite Minting Exploit Nets Attacker $4.4M

As DeFi protocols continue to heat up within the Ethereum ecosystem, CipherTrace is seeing more and more exploits and attack vectors come to light. This past week, on December 28th, 2020, Cover Protocol’s shield mining contract, Blacksmith, was exploited. Hackers used a bug in the mining contract to mint an infinite amount of COVER tokens…

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