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Unraveling Cryptocurrency Crime: Insights from Blockchain Analytics

Explore how blockchain analytics help trace criminal activity in the world of cryptocurrencies, featuring cases like Silk Road, Mt. Gox, and BTC-e. Learn how governments leverage real-time transaction monitoring to catch cybercriminals.

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Unraveling Cryptocurrency Crime: Insights from Blockchain Analytics

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  1. SEM-M02 Cryptocurrency Forensics and the Crime Barons of Cyberspace Jonathan Levin Alan Cohn Co-Founder and CRO Chainalysis @jony_levin Co-Chair, Blockchain and Digital Currency Practice Steptoe & Johnson LLP @fifteencharlie

  2. As you know, in 2009, was born the world’s most accessible financial asset

  3. While this new financial asset has been used on Dark Markets, the market share of this activity has been dramatically falling

  4. Blockchain analytics can be used to trace criminal activity on the blockchain

  5. Blockchain Analysis

  6. Blockchain analytics in action: The Silk Road

  7. 144,000 Bitcoin seized from Silk Road

  8. 21,000 BTC more was found later….

  9. Blockchain analytics even allows governments to see transactions in real time...and to catch criminals in the act...

  10. Blockchain analytics in action: Setting the Stage - Mt. Gox

  11. Mt. Gox • Launched in July 2010 • By 2013, Mt. Gox was handling over 70% of all BTC transactions • By February 2014, 850,000 bitcoins had been stolen • Valued at $450 million at the time

  12. Blockchain analytics in action: Follow the Money - BTC-e

  13. BTC-e • Cryptocurrency exchange • Started in 2011

  14. Mt Gox heist

  15. Alexander Vinnik

  16. Alexander Vinnik • FinCEN fines BTC-e $110 million civil penalty and Vinnik $12 million penalty • 21-count indictment for • money laundering; • conspiracy to commit money laundering; • engaging in unlawful monetary transactions; and • the operation of an unlicensed money transmitting business.

  17. Questions? Alan Cohn Blockchain and Digital Currency Practice Steptoe & Johnson LLP acohn@steptoe.com @fifteencharlie Jonathan Levin Co-Founder and CRO Chainalysis jonathan@chainalysis.com @jony_levin

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