Crypto Crime and Chainalysis

[Syedbesharat 5423]

As the creator of satoshi have thinked about many aspects of  BTC usage but as a human he cannot be perfect and the creation lacks many things. Which is  common if the creator always think about negative effect of his creation then the creativity would die and new inventory will be stops.I agree with flaws and hackers attacks are too much but after some time it will be controlled and the crypto  become standard payment system. With decentralised  concept. 

[Whited35 15285]

On 10/31/2020 at 1:44 AM, overkill11 said:

Crimes related to cryptocurrency is disurbingly getting high and it's not for the better. Crypto currency is related to so many illegal transactions that it's disheartening to see

At least transaction records will not be erased from the blockchain and some companies like Chainalysis, doing the best to catch the crypto criminals. 

 

On 10/31/2020 at 1:03 PM, usamah said:

Therefore, caution must be exercised because many of those I know were frustrated and needed a lot of time to start working again.

You are right on that. Weakly managed platforms are to leave even while connecting hardware wallets into them. So many new platforms may consists of bugs in their smart contract which will be further exploited by the scammers or hackers. 

[magd 5231]

The cryptocurrency criminals have very high experience and the ability to detect vulnerabilities, I watched a video on YouTube in 2019 of a young man transferring a transaction from an external blockchain to his own wallet in a strange way, and this vulnerability was closed by the blockchain administration in 2020

[Whited35 15285]

On 11/20/2020 at 9:16 PM, magd said:

The cryptocurrency criminals have very high experience and the ability to detect vulnerabilities, I watched a video on YouTube in 2019 of a young man transferring a transaction from an external blockchain to his own wallet in a strange way, and this vulnerability was closed by the blockchain administration in 2020

@magd That(bold line) is looking interesting, do you have a clue which blockchain was that? You said blockchain administration, was that a private blockchain network with the limited participating nodes to prevent the random access to the blockchain ? 

[duncun007 3577]

On 10/30/2020 at 10:59 PM, overkill11 said:

Crimes related to cryptocurrency is disurbingly getting high and it's not for the better. Crypto currency is related to so many illegal transactions that it's disheartening to see

i'm not standing with crimes but i think we are still at the beginning of a crypto revolution and those crimes are constantly showing us where we have vulnerability so we can fix it to prepare for a more reliable crypto word.

[Moaz 7239]

@Whited35 There are many operations that hackers perform in order to penetrate encryption platforms and wallets, and some of these operations unfortunately succeed in penetration and millions of dollars are stolen, and this is very bad, but experts in the blockchain network always try to invent the best protection and security against these hackers and It is really wonderful that Chainalysis track the transactions that criminals make in order to arrest them.

Edited November 22, 2020 by Moaz

[Whited35 15285]

23 minutes ago, Moaz said:

but experts in the blockchain network always try to invent the best protection and security against these hackers and It is really wonderful that Chainalysis track the transactions that criminals make in order to arrest them.

@Moaz You deserve +5 for the constructive comment here 😉 ! We would love thank the immutable feature of the blockchain technology. Due to this feature, transactions records are stored in the blockchain for a long time. Chainalysis tracks the transactions to catch the criminal's transactions route. This sort of operations eventually to catch the criminals. 

[Whited35 15285]

12 hours ago, norbercripto said:

excellent post, very clarifying and complete. I will be attentive to hacker attacks, each time they find better weapons to attack us. I have not implemented the cold wallet yet but I must do it in the short term. All very instructive.

@norbercripto Taking precaution is the excellent way to be safe from the scammers. Blockchain analysis companies have the huge influx of the reports to investigate. Chainalysis works by coordinating with the governments from different countries 

[estmerbol 257]

Improving one area improves another, for example by improving the security tracking system also makes you succeptible to you that you want to keep incognito. In countries where crypto is banned. This would represent damage to many. But they are the prices you have to pay for being immersed in world full of scams. And you have to stick to that.

[Pongs cutie 516]

Wow. This topic is very informative and precise. Thank you for sharing this to us! With this, people here will be able to acquire the surface knowledge as to why the reason why bitcoins are restricted from other countryor why they do not legalize it. Furthermore, this post can be huge help to secure our online currencies. 

[tienda 8776]

2 hours ago, Whited35 said:

@norbercripto Taking precaution is the excellent way to be safe from the scammers. Blockchain analysis companies have the huge influx of the reports to investigate. Chainalysis works by coordinating with the governments from different countries 

Dear friend @Whited35 very good and great topic with high explanation level. Yes the precaution is one of the key to avoid being a victim or scammers or hackers, today all depend on about our protection. So if we are ignorant without the doubt they will steal all your cryptocurrencies. About this Chainalysis works is the first time I heard about that. Thank friend!

[Whited35 15285]

13 minutes ago, tienda said:

Dear friend @Whited35 very good and great topic with high explanation level. Yes the precaution is one of the key to avoid being a victim or scammers or hackers, today all depend on about our protection. So if we are ignorant without the doubt they will steal all your cryptocurrencies. About this Chainalysis works is the first time I heard about that. Thank friend!

Dear friend @tienda Chainalysis is in operation over the past few years. So far it has helped to catch so many cyber criminals. I think all governments from all countries should help it to go shoulder-to-shoulder to keep down any sort of cyber criminals, what do you think 😎? 

[Maaz sultan 265]

On 10/14/2020 at 10:55 AM, Whited35 said:

@RidamSurprisingly, Chainanalysis helped to recover the lost huge sum for KuCoin exchange. Now exchange has opened and restored some assets. The beauty of Blockchain technology is, transaction path can not be erased and blockchain analysis companies see everything and every activity from the hackers or scammers. 

Its feel safe that Chain-analysts are keep their eyes on any hacking activity , Now we are free to buy any of crypto currency without any difficulty of lose our invested money So we are very thankful to the experts that helps to track hackers , and we need to reveal the hackers and punish them , live on internet .

[Whited35 15285]

4 hours ago, sarahyes said:

@Whited35You are right, my friend ... but I think that it requires everyone to come together, starting with us. It is not just about governments .... governments are people ... people make decisions ... so I think that it concerns us all ... We represent our countries

@sarahyes More the co-operations, more effective the detections will be. Chainalysis itself attempting to expands its services across the world. Not only Chainalysis, there are also so many blockchain analysis companies which are working to spot crypto criminals. 

[Whited35 15285]

43 minutes ago, sarahyes said:

@Whited35It is true ... at all, let us hope for good for the future .... These are all operations for the sake of the advancement of cryptocurrencies ... that is, they are in the interest of cryptocurrencies in general ... and this is something gratifying ...

@sarahyes First of all, I expect you to not put extra dot in your writings if possible 😉 ! Rest of all, yes I am still expecting the better detection technology in blockchain. I am getting regular updates regarding the latest investigation reports from Chainalysis. It can be clearly seen, they have vast more improvements in the investigations. 

[Barbarellah 2225]

In any place where there is a large movement of money, there will also be a large number of dishonest people lurking, waiting for opportunities to commit bad actions in order to obtain money from others. It is understood that Bitcoin was created using the blockchain as a record book, which is immutable and practically inviolable. But there are secondary factors that influence the increased risk of our assets being stolen. Then I clarify that the fault is not Bitcoin or the blockchain but the platforms that have vulnerable systems in terms of security against computer attacks. Never keep significant amounts on exchange platforms, only place what you really need to carry out your trading operations as this will protect you in a way.

[BraveHeart01 1569]

The information  is totally out of mind and you can not make it happen to digest it easily but still good explanation  of these things while you can still use more easy words to explain.

[wassim19 645]

It is more difficult for us to be exposed to a piracy or fraud by someone and lose our money. Tracking methods improve and every movement that hackers make with registered residencies as long as the blockchain is present

[Whited35 15285]

On 11/23/2020 at 11:14 PM, wassim19 said:

It is more difficult for us to be exposed to a piracy or fraud by someone and lose our money. Tracking methods improve and every movement that hackers make with registered residencies as long as the blockchain is present

Adopting the safety measure while making the transactions of the crypto is the best way to prevent the excessive losses. Sometime a minor mistakes can be very costly so always try to be careful. Blockchain analysis companies are already facing the massive influx of crypto crime reports and more likely they do not perform the investigation for small asset losses of users. While using wallet, it is advised to choose the safest wallet. 

[Nicole018 4548]

Blockchain alliance is is really good introduction to the field of blockchain technology considering the rise in crypto criminals during the recent times. Chain analysis also can be a reliable option to track down these crypto criminals. these measures should be taken strictly so that the amount of crypto attacks could be reduced to the minimum.

[Whited35 15285]

3 hours ago, Nicole018 said:

Chain analysis also can be a reliable option to track down these crypto criminals. these measures should be taken strictly so that the amount of crypto attacks could be reduced to the minimum.

There are other blockchain analysis too they function like the Chainalysis does. Chainalysis is famous because it is the oldest blockchain analysis company that intends to catch the crypto criminals with the co ordinations governments from different countries. 

[mohamedpc1 2213]

Thank you for explaining your topic with all professionalism and high quality, because I see that you have the right to the points that I mentioned in the post, as cryptocurrencies and Bitcoin have become the source that hackers love because the transactions in them are very confidential and it is difficult to discover the owner of the hack, as happened with the Cryptopia platform for more than two years and to the extent Now they did not know the source of the fraud and theft of the platform's currencies

[pablomarwan 3082]

You may not like some news, but this is just a protocol to scare people and also to keep them from dealing with cryptocurrencies so that they are not hacked and stolen. But it is not entirely false. Of course, there are some currencies that are based on digital currencies, especially Bitcoin. Satoshi didn't think that things would go so wrong. But what he was thinking about was removing that obstacle in which everyone had any problems sending money from one side to the other without intermediation and without large deductions. This is in addition to anonymity. As we know, some centers display the largest circulation of some millionaires, and their identity is not concealed. This is what he wanted to solve, and it has already been done.

[bogdanoff 3173]

The crypto thefts are a long time happening and the crypto crime is also making a lot of problems to the market, make it look unsafe and many investors were scared from all of this. It is a hope to have a company to give analysis on crimes and hacks and make the environment better and more secure. The wallets of mixer are found by the software exchanges use and they are not accepting them. This makes a problem for the legal users that use Wasabi and Samurai wallets for their privacy. It is a thin line that make us all concerned.

[Whited35 15285]

On 12/18/2020 at 5:15 PM, pablomarwan said:

You may not like some news, but this is just a protocol to scare people and also to keep them from dealing with cryptocurrencies so that they are not hacked and stolen. But it is not entirely false.

I do not think  it is correct as Chainalysis has active branches in different countries and they all are working to combat against the crypto criminals. You just need to see their monthly reports to understand how they are helping governments from the different countries to catch the crypto criminals. 

On 12/18/2020 at 6:00 PM, bogdanoff said:

The wallets of mixer are found by the software exchanges use and they are not accepting them. This makes a problem for the legal users that use Wasabi and Samurai wallets for their privacy.

Transactions records are visible so even they trace the route followed by the stolen funds no matter it is from the mixture sites or from anything else. They have helped so many exchange sites to recover their stolen crypto too. 

Edited December 20, 2020 by Whited35