Crime Analyses from New York

Colin Baseman

Chainalysis has started a fresh project to cast more light on the range of its crypto crime data and statistics.

The new initiative from the firm will give more information on the current situation. Now the market can install the tool for providing insights into the strategies and tactics most cybercriminals apply while performing transactions.

The representatives of the brand are ready to present their new briefs and analyses. The fact is none of the listed entities is under investigation. According to experts, the data are necessary for more effective work among police officers, regulators and compliance professionals. 

Essential Global Vectors

Chainalysis has demonstrated its first brief where the company is trying to figure out what role Black Host plays. The latter is a highly qualified provider, which guarantees complete anonymity. There are a few other examples the company gives and some of them are VPN and anonymous email providers. They also include virtual SIM card services. All of them guard and protect users’ privacy.

For instance, Black Host allows crypto purchasing. As a result, the provider adds an extra measure for pseudonymous protection. 

Users who express their concerns regarding their privacy claim that they have evidence proving that some certain services were used by a BTC address belonging to a cybercriminal. The source is linked to the North Korean group called Lazarus.

Another brief from Chainalysis shows the details of what is happening in the Iranian crypto space. They presented information on Farhad Exchange, a well-known and widely used trading platform. The site accepts rubbles, dollars, and rials sent from WebMoney. They support the main cryptocurrencies. More than that, their social media is quite active and crypto users can always refer to the provider’s educational program.

Unfortunately, domestic exchanges keep operating. At the same time, there are plenty of crypto peer-to-peer platforms that have stopped operations in Iran – providers do not want to pay fines for sanction violations.

Latest Research from Chainalysis

Chainalysis has identified more than twenty thousand BTC addresses. All of them had an attribution to the exchange. In the past few weeks, their activity has decreased. On the other hand, they keep on performing transactions, and, all in all, they have succeeded in transferring almost 7,980.09 BTC.

It’s essential to mention that the latest traffic by Farhad includes entities with high risks. They offer services to the gambling website and have dealt with peer-to-peer platforms. 

The mentioned platform received seventy-four BTC three years ago. The crypto came from an account belonging to an Iranian citizen. Later on, the company found out the man had assisted attackers to convert bitcoins into rials.

Chainalysis introduces a lot of briefs on a regular basis and most of them demonstrate various schemes that cybercriminals invent to mock trustworthy companies and brands. One of such scheme takes its roots in Poland. It’s a crypto Ponzi scheme known as FutureNet. The creators have established an infrastructure mocking the scheme applied by many legally operating companies. That was the way the criminals built a veneer of legitimacy for the scam. 

Chainalysis often does research and analyzes the use of cryptocurrencies. And in some cases, they reveal how cybercriminals use their funds. In March, Cointelegraph reported that a huge amount of assets was spent to support sexually abusive material on the darknet. Transactions of this sort have increased by over thirty percent over the previous year.