No. of Public CPD Points: 1.0
About the Programme
In June 2021, the US Justice Department announced that it had traced 63.7 of the 75 Bitcoins (approximating to $2.3 million) that Colonial Pipeline had paid to hackers as the randomware attack shut down the company’s computer systems, prompting fuel shortages and a spike in gasoline prices. In doing so, federal investigators had tracked the ransom as it moved through at least 23 different electronic accounts belonging to DarkSide, the hacking collective, in a very short time. The speed in which the US Justice Department seized most of the ransom was groundbreaking and contrasts starkly with the extended time taken to navigate paperwork, bureaucracy and court systems when one seeks to trace fiat currency.
The US Justice Department could work with such speed because of one of the defining characteristics of cryptocurrency, namely, that it has a publicly-accessible ledger (i.e. the blockchain) showcasing all transactions to the world. For Bitcoin in particular, the Bitcoin ledger can be viewed by anyone who is plugged into the blockchain. What the investigators needed to do was to figure out how to connect the criminals to a digital wallet which stored the Bitcoin, and then tracking the Bitcoin transfers through the blockchain.
How does the technology actually work though?
Join Danny Quah, Director, TSMP Law Corporation as he interviews Joshua Foo, Regional Director of Chainalysis Inc to get an insight into how crypto-tracing actually works. The webinar will cover:
Chainalysis Inc is the world’s leading company specialising in providing blockchain data analytic tools. It provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Its data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.
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