How Bitcoin Technology Helps Law Enforcement Catch Criminals
Law enforcement is catching up with criminals who use bitcoin to escape detection for their crimes. The imprisonment of Ross Ulbricht in February 2015 marks the most visible proof that criminals cannot hide their online activities. Czech national Thomas Jiikovsky was suspected of laundering $40 million in stolen bitcoins and in March police seized his assets. Trendon Shavers pleaded guilty to operating a $150 million Ponzi scheme in September, marking the first bitcoin securities fraud case. That same month, police arrested Mark Karpeles for fraud and embezzlement of $390 million from the....
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A new blockchain startup has claimed its software could help track down criminals faster and cheaper than ever. Sabr.io, one of 42 companies unveiled at 500 Startups' demo day in San Francisco this Tuesday, aims to shave valuable time off investigations into outfits such as illicit marketplace Silk Road. The platform, which integrates data from public and proprietary sources, claims to provide law enforcement with intel on digital currencies that's "otherwise inaccessible". It's unclear exactly what this entails, with CEO David Berger telling CoinDesk he was unable to disclose further....
Here’s a newsflash: Bitcoin has an image problem. If you ask the average person what words come to mind when they think of bitcoin, three of the most common responses will likely be "anonymous", "untraceable" and "a currency for criminals." But all of these common ideas about bitcoin are actually misconceptions. In fact, every single one of them is wrong. This may just be a problem of perception, but it can have very real consequences, as it can impact the attitudes of investors, lawmakers, regulators, enforcement agencies and the public toward this....
Four men in the UK have been arrested over their alleged roles in the online marketplace Silk Road. One of the suspects is in his 50s and from Devon while the others are in their early 20s and are from Manchester. They were detained by officers of the new National Crime Agency (NCA) shortly after the FBI arrested Ross Ulbricht - the suspected creator of Silk Road. The NCA has warned that other people in the UK suspected of being "significant users" of Silk Road will be arrested over the coming weeks. Keith Bristow, director general at the NCA, said: "These arrests send a clear message to....
The U.S. Department of Homeland Security (DHS) Science and Technology (S&T) directorate is backing Sandia research with the creation of an analysis tool designed to overcome bitcoin challenges to assist law enforcement. As bitcoin becomes an increasingly accepted form of payment in our day-to-day lives, law enforcement are realizing that they need to utilize innovative approaches that will aid them in their money-laundering and cyber theft investigations. However, their number one priority is to reduce the time spent on tracking illegal operations. According to lead researcher for....
The decentralized industry has to spend additional resources to raise its standards and implement cybersecurity best practices. Crypto criminals are getting more adaptive and smarter than ever before. But how can industry service providers keep up with them? If I say that the crypto industry is highly targeted by cybercriminals and, in particular, organized criminals, I’m sure that no one who has spent a few months within the space would be surprised. And for a valid reason.Due to the new technology and the nascent nature of the sector, criminals and fraudsters have long identified the....