CipherTrace in the News

Losses from cryptocurrency thefts, hacks, and fraud declined to $1.8 billion for the first 10 months of the year compared with last year, but crime in the hot “decentralized finance” sector rose, according to a report from crypto intelligence company CipherTrace...

The booming world of decentralized finance, which has collected more than $11 billion in cryptocurrencies in a matter of months, is a potential haven for money laundering, according to new research. Globally, 56% of digital currency services have weak or porous “know your customer” controls, blockchain security firm CipherTrace said Thursday in a report. KYC procedures are meant to confirm...

Financial institutions could be missing up to 90% of cryptocurrency-related transactions because they ignore smaller digital asset exchanges, according to the latest report by blockchain forensics firm CipherTrace. “CipherTrace research has found that a typical name-based system may entirely miss up to 70% or more of the crypto exchanges out there, and up to 90% of the actual transaction volume,” said the researchers...

While there hasn’t previously been a tool capable of tracing Monero transactions, Dave Jevans, the CEO of CipherTrace, mentioned that the firm has developed the first tool for tracking Monero transactions. According to Jevans, the tool, which has been in development for over a year, will be used by the U.S. Department of Homeland Security to trace Monero transactions...

The high-profile Twitter hack — which saw malicious actors take over 130 verified accounts including Bill Gates and Elon Musk — managed to be both technically brilliant and incomprehensibly stupid at the same time. It was a multi-person attack, deep inside the company’s infrastructure, using sophisticated social engineering to defeat 2FA-protected accounts...

In a Friday press statement, Ethereum Classic (ETC) Labs announced that it had retained the services of two firms — law firm Kobre & Kim and analytics provider CipherTrace — "to assist in the investigation and pursuit of criminal charges against the perpetrators of the recent attacks on ETC," according to ETC Labs Terry Culver.

Dave Jevans, CEO of CipherTrace, and Siân Jones, Senior Partner at XReg Consulting, give the lowdown on the Financial Action Task Force’s travel rule and how it applies to businesses in the crypto space. They discuss: what the travel rule is; the consequences for countries that are not compliant; whether the regulation will apply to staking providers in the future...

NetWalker ransomware, which last week triggered cybersecurity flash warnings from the Federal Bureau of Investigation (FBI), has extorted $25 million in bitcoin from its victims during the months of the pandemic, according to a report by McAfee and CipherTrace.

Dave Jevens, CEO of CipherTrace, another cryptocurrency-tracking firm, says that the hackers are attempting “to obfuscate the flow of funds” through a process known as “peeling.” This involves sending fractions of the loot, little by little, into mixers and exchanges that multiply the complexity of the transaction chains and make them harder to follow...

DARPA-backed blockchain analytics firm CipherTrace today unveiled “predictive capabilities” for its crypto tracing software—a move designed to better help cryptocurrency exchanges and similar businesses flag and freeze transactions that may be linked to criminal behavior.

CipherTrace, a blockchain analytics software firm, has deployed a predictive risk-scoring system that the company says provides real-time alerts on suspect crypto transactions for its exchange, investor and investigator clients.

Crypto thefts, hacks, and frauds totaled $1.4 billion in the first five months of 2020, fueled in part by coronavirus-related crypto crimes. The biggest contributor to cryptocurrency crimes in the past five months, however, was not coronavirus related...

Crypto intelligence company CipherTrace, which started tracking cryptocurrency crime a few years ago, said it has started to see coronavirus-related frauds that require some form of digital currency payment. Losses from cryptocurrency thefts, hacks, and frauds soared to nearly $1.4 billion from the beginning of the year until the end of May, a report from CipherTrace showed...

The crypto investigations firm announced Tuesday it is establishing a central bank digital currency (CBDC) initiative. As described by Chief Financial Analyst John Jefferies, the outreach effort will seek to place CipherTrace in the growing conversation around designing and securing CBDCs...

Blockchain forensics firm CipherTrace is launching a new initiative designed to ensure central bank digital currencies (CBDCs) are private, safe to use, and free of money laundering, terrorist funding and other illicit ties...

Crypto investigations firm CipherTrace has developed a bank transaction monitoring tool, CipherTrace Armada, that flags payments to high-risk virtual asset service providers (VASPs). Announced Tuesday, Armada sifts through banking indicators such as routing and account numbers in search of transactions that may present institutional risk including payments to crypto ATMs, which have been tied to money laundering.

Canadian cryptocurrency firm Zaftr has partnered with blockchain security and analytics provider CipherTrace as the company is embarking on a multi-pronged push to boost compliance procedures across its platform.

Blockchain forensics firm CipherTrace has published a detailed analysis of how two Chinese nationals, linked to North Korea, laundered tens of millions of dollars worth of stolen cryptocurrency. The pair are believed to be associated with the shadowy Lazarus Group...

Organized crime and drug cartels in Latin America are increasingly turning to cryptocurrencies to launder money and orchestrate scams, according to the latest collaborative report by threat intelligence firm Intsights and blockchain forensics firm CipherTrace...

Losses from cryptocurrency crime surged to $4.52 billion last year, as insider theft soared even as hacking losses declined, according to a report from blockchain forensics company CipherTrace seen by Reuters. Last year’s losses were up nearly 160% from 2018’s total of $1.74 billion...

CipherTrace says it will train the students on how to use its software, which it will be providing to the universities, enabling students to track transactions across over 800 currencies, including Bitcoin and Ethereum. In return, "students will provide services to help recover 'small' losses that are typically too small to for law enforcement to investigate."

The right to privacy is a fundamental prerequisite for peace of mind and security. The idea that only criminals have something to hide is strange. Contrarily, privacy is sought by almost everyone. Yet, it still gets stigmatized as suspicious — reserved solely for criminals or deviants...

Cryptocurrency could be a game-changer for combating crime, a notion illustrated by CipherTrace’s newly formed partnership with the Anti-Human Trafficking Intelligence Initiative (ATII). CipherTrace, a leader in blockchain security, has announced that it will join forces with ATII to use crypto analytics to advance the organization's goal of combatting global human trafficking.

CipherTrace claims that eight in every 10 banks in the U.S. is currently being utilized to send money between accounts by unregistered money service businesses (MSBs). Some of these MSBs, according to the firm, are cryptocurrency exchanges—and many of these banks are processing as much as $2 billion annually in concealed digital transactions...

NEW YORK (Reuters) - Cryptocurrency theft has surged in 2019 compared with last year, with more money flowing through digital exchanges and criminals looking to carry out bigger heists, according to a report from blockchain forensics company CipherTrace obtained by Reuters.

Blockchain compliance solutions provider CipherTrace says in its Q3 Cryptocurrency Anti-Money Laundering (AML) Report, published Wednesday, that around one third of the top 120 exchanges are "weak" when it comes to know-your-customer (KYC) verification, while fully two-thirds "lack strong KYC policies."

In its Q3 Cryptocurrency Anti-Money Laundering Report, cryptocurrency intelligence firm Ciphertrace says that speculation surrounding the travel rule’s impact on privacy coins, which include cryptocurrencies like Monero, Dash and Zcash, has likely been exaggerated. While the report concedes that the most popular privacy coins have performed poorly against Bitcoin since the release of the FATF guidance in June, the analysts points out that neither FATF or FinCEN have called for a ban on privacy coins.

The FATF’s recent guidelines have widespread implications on what private information exchanges need to track and collect from customers. Here are some insights on the recent regulation from CipherTrace’s Nov. 5 Cryptocurrency Travel Rule Compliance Conference and Hackathon. An event oriented around the integration of cryptocurrency into the modern financial infrastructure may be at odds with the cypherpunk ethos...

For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally...

CipherTrace has been busy making it harder for folks to flaunt anti-money laundering regulations. And Binance seems onboard...

Binance Exchange will increase its Anti-Money Laundering efficiency following a recent integration with CipherTrace’s platform. Clients will now be able to trace BNB coins and transactions within the Binance decentralized exchange for best practices. CipherTrace which operates within the IT security arena is based in the U.S and currently services over 700 crypto coins...

In 2013, FinCEN issued its initial guidance on the application of the Bank Secrecy Act to virtual currencies. Since then, in only a few short years, the industry has evolved considerably – to the point where central bank officials are discussing augmenting the global financial system with blockchain technology.

The Financial Action Task Force’s (FATF) crypto regulations will trigger a shift of criminal activity from Bitcoin (BTC) to privacy coins, it has been claimed. David Jevans, CEO of major crypto transaction tracking firm CipherTrace, shared his remarks about criminal use of cryptocurrencies at a panel held by blockchain advocacy group, the Chamber of Digital Commerce, on Oct. 21.

Regulators no longer need to worry about lack of transparency in the crypto space thanks to breakthrough technology from CipherTrace. Self-described as the “world’s first blockchain forensics team”, CipherTrace is now also the world’s number one provider of cryptocurrency intelligence. Set up to develop cryptocurrency and blockchain tracing and security capabilities, the company yesterday announced that it had completed its most comprehensive digital asset tracing system to date.

Blockchain forensics firm CipherTrace has developed a mobile tool for flagging bitcoin and ethereum tokens with a criminal past. Announced today, CipherTrace Scout grants street-level investigators more freedom to identify, track and document illicit crypto transactions from the field, company representatives and law enforcement experts said.

A new framework from blockchain security firm CipherTrace will enable cryptocurrency wallets, exchanges and other projects to comply with the Travel Rule from FATF – the Financial Action Task Force – without having to share private or personal information with one another.

Blockchain security firm CipherTrace has formally announced the release of its Travel Rule Information Sharing Architecture (TRISA); a new way for cryptocurrency businesses to satisfy regulatory pressure to enforce the travel rule, which requires financial institutions to share information of fund transfers.

Japanese cryptocurrency exchange BITpoint lost a grand total of $28 million in July this year. This figure is $4.5 million less than what was originally reported on the day of the theft on July 12.

Complying with regulators could mean the difference between going mainstream and remaining forever on the margins of the global financial system.

2019 is shaping up as the year of the “exit scam” according to a new study from CipherTrace, a cryptocurrency intelligence firm based in Silicon Valley.

Cryptocurrency scammers continued to swindle funds throughout Q2 2019, netting approximately $4.26 billion so far this year. According to CipherTrace latest report, insider thefts were by far the largest offenders, netting massive loses on investors and cryptocurrency exchange users. If things carry on the way they are, 2019 could go down in cryptocurrency history as the year of the exit scam.

Cyber criminals have netted $4.3 billion from digital currency exchanges, investors and users in 2019. Blockchain security company CipherTrace gave its summary crypto-related theft in its Anti-Money Laundering report that it shared with Cointelegraph on Aug. 12. According to CipherTrace, outright thefts, scams and other kinds of misappropriation of funds from digital currency holders and trading platforms resulted in around $4.3 billion in losses throughout 2019.

Say what you like about Mark Zuckerberg, but he certainly knows how to get attention. After six years of blank stares and regulatory shrugs, decentralization and privacy are now the talk of the town in Washington, and lawmakers are finally devoting their attention to what was once an obscure technological fad.

In wide-ranging interview with CipherTrace CMO John Jefferies, Ed Amoroso, CEO of TAG Cyber and former AT&T CISO, asks how to secure emerging exchanges, digital wallets, and related offerings.

A new partnership is creating an anonymous identity scheme to meet regulators and users in the middle when complying with KYC/AML regulations.

Dave Jevans discusses cryptocurrency robberies and losses from fraud with the BBC’s Louise Cooper. He also offers tips to users on how to safely trade and hold cryptocurrencies.

A new framework from blockchain security firm CipherTrace will enable cryptocurrency wallets, exchanges and other projects to comply with the Travel Rule from FATF – the Financial Action Task Force – without having to share private or personal information with one another.

It has been a good year for Binance Coin traders and investors as the BNB coin has performed at par with the expectations. The recent alliances including ones with CoinFlip and CipherTrace further put a strong prediction on the future of this token in the world of cryptocurrencies, and it seems the coin is only going to move up higher in the next few months as well...

The latest sign of Binance’s new focus came last week when the company announced it would hire CipherTrace, a California-based business that helps companies and law enforcement trace suspicious cryptocurrency movements.

Cryptocurrencies are still considered a risky investment for the more traditional investors, and only riskier as thefts on crypto exchanges continue to rise. According to security firm CipherTrace, more than $760 million in cryptocurrency was stolen from exchanges so far this year, easily outpacing 2017.

Cryptocurrencies stolen from exchanges and scammed from investors surged more than 400 percent in 2018 to around $1.7 billion, according to a report from U.S.-based cyber security firm CipherTrace released on Tuesday.

Bad actors stole $1.7 billion worth of cryptocurrencies from investors last year, according to a new report from CipherTrace Cryptocurrency Intelligence published Tuesday. Of that total, roughly $1 billion was taken from exchanges.

CipherTrace is out with a report on cryptocurrency scams and fraud. It is widely known that crypto suffers from rampant acts of theft and cons as these digital assets have become the targets of global criminals seeking an easy payday or simply to launder illicit funds.

Crypto-related crime spiked massively last year, according to the latest report from AML firm CipherTrace. Digital crooks made off with some $1.7 billion worth of crypto assets in 2018.

Cryptocurrency Anti-Money Laundering and Financial Investigations

In the first nine months of 2018, theft from exchanges of cryptocurrencies through sophisticated hacking techniques has hit nearly $927 million, showing an increase of about 250 per cent compared to the level seen in 2017.

Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017.

New data shows criminals have laundered $2.5 billion worth dirty Bitcoin through cryptocurrency exchanges, and almost all of it ends up in countries with lax Anti-Money-Laundering (AML) regulations.

Last year, crypto exchanges recorded around $266 million in losses from security breaches and heists. The first half of 2018 recorded triple the amount stolen from crypto exchanges in 2017, triggering investors in the cryptocurrency space to develop concerns regarding the standard of security measures implemented by crypto trading platforms.

Using advanced analytic techniques and multiple data sources, CipherTrace aims to help financial services organizations detect and limit crypto-currency money laundering.

Cryptocurrency money laundering is increasing dramatically, being already three times greater than in 2017. And we’re only half way through the year, observes Dave Jevans, Founder and CEO of CipherTrace, and chairman of the Anti-Phishing Working Group

Bitcoin supporters argue cryptocurrency is not anonymous, that their transactions can be connected to the addresses at which they receive bitcoins. If those addresses are ever tied to their personal identity, their cryptocurrency movements can be fully visible.

The first half of 2018 saw more cryptocurrency theft than all of 2017 combined, driving a rise in digital money laundering as criminals elude authorities.

"So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore.”

“GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals. By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking.”

Cryptocurrency has skyrocketed in value over the past year, so it shouldn't be too surprising that thieves want a piece of the pie.

Since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to APWG estimates