Cryptocurrency Investigations: What Are They Exactly?

The cryptocurrency field has grown in popularity as a target for cybercriminals. Since crypto transactions cannot be undone, fraudsters are certain that the stolen cash is secure after they have begun a fraudulent transaction. This, however, is not the case. A public blockchain underpins cryptocurrency. This implies that illegitimate funds can be tracked. A cryptocurrency investigation, or crypto investigation, is the process of tracing criminal funds using the blockchain.

A cryptocurrency investigation employs sophisticated technology to track down the source of criminal transactions. A qualified cryptocurrency investigator will thoroughly examine the transactions recorded to the blockchain during a cryptocurrency investigation. The cryptocurrency investigator will then seek to determine which address has the stolen money.

Cryptocurrency Investigations are More Important than You Think

After the address is found, the following stage in a cryptocurrency investigation is to try to identify the address’s owner. An investigator can seek to identify the user of a cryptocurrency address using a mix of Open-Source Intelligence (OSINT) & Know Your Customer (KYC) data gathered by exchanges. Law enforcement can then issue subpoenas to try to retrieve the money.

Many high-profile cases have included cryptocurrency investigations, like the Colonial Pipeline ransomware attack, which created gas shortages all throughout the Southern United States. Colonial Pipeline chose Bitcoin as the ransom payment method. The FBI then launched a crypto investigation in order to track down the ransomware payment. The funds were routed to a US exchange, according to cryptocurrency investigators.

Cryptocurrency Investigators Conduct Professional Services

There are several reasons why people or businesses may want the services of a cryptocurrency investigator who is qualified in the sector and has expertise working with the same database platforms used by the US Department of Justice.

As cryptocurrencies gain popularity, it is unavoidable that crimes will be performed using them. Fortunately, we can strive to prevent criminals from benefitting from these crimes with the aid of cryptocurrency investigations. To prevent crypto crime, many firms also employ numerous qualified cryptocurrency detectives who collaborate with cybersecurity, forensic accounting, and investigative experts.

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