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Traceable Cryptocurrencies & Cryptojacking • Andy Greenberg & Scott Helme
Cryptocurrency tracing: the ease with which identities can be compromised, and how law enforcement agencies are working to bring criminal activity to justice using blockchain technology and tracing tools.
- The ease with which cryptocurrency tracing works can make it difficult for individuals to keep their identities anonymous.
- Large organizations can use cryptocurrency tracing tools to follow the money trail back to the criminals.
- The IRS Criminal Investigation has successfully traced funds and brought criminal charges against individuals engaged in illegal activities such as money laundering, drug dealing, and child sexual abuse materials networks.
- The tracing of cryptocurrency makes it more difficult for criminals to launder or cash out their illegal gains without detection.
- The use of decentralized cryptocurrency mixing services, such as laundromats, can actually increase the ease of tracing and detection due to their publicly available transaction hashes.
- In some cases, a single wallet may be used to amass significant amounts of cryptocurrency.
- Law enforcement agencies are working closely with the cryptocurrency tracing industry to ensure that criminal activity is interrupted and brought to justice.
- The tracing and use of cryptocurrency tracing tools can be valuable in uncovering and disrupting cryptocurrency-based illegal activities.
- The FBI has arrested and charged dozens of individuals connected to the dark web criminal underworld in relation to cryptocurrency-based activity.
- It is difficult to understand how these criminals are planning and coordinating their activities without resorting to cryptocurrencies.
- The public ledger aspect of blockchain technology enables cryptocurrency tracing and makes it difficult to make illegal activities anonymous.
- Using a reputable cryptocurrency exchange can aid in cryptocurrency tracing and make illegal activities easier to detect.
- Laundromats and other blockchain mixing services can be used for cryptocurrency laundering, but they provide publicly available transaction hashes making them susceptible to tracing.
- Public awareness campaigns can help educate consumers on the dangers of cryptocurrency-based illegal activity.