Crypto Crime and Chainalysis

[TimopheyKa 3900]

Unfortunately, you are right! nowadays, there are a lot of scammers who harm us and our funds in every possible way. We have to use different defenses to avoid falling into the trap and achieve a better result. Now the cyber police are starting to act against hackers, and I hope that this will help us a lot!

[Khan 1414]

On 10/5/2020 at 9:15 AM, Whited35 said:

@Ridam Exactly Chainalysis helped to law enforcement to catch Twitter hackers in the Bitcoin scam. Recently, KuCoin exchange has also recovered a massive amounts which was lost in the recent hack. Blockchain technology is looking extremely useful to control the cyber-crimes and Blockcahin analysis companies are doing their best. I think Binance is also using some Chainalysis products like Chainalysis KYT.

after being attacked and the ratio of the attacks show that the digital world is vulnerable and can be manipulated but still the exchanges are doing their best to secure it.

[Shaza Ahmad 1682]

Good article, I am wondering if the criminals used decentralized exchange platforms like Uniswap and then used the Monero blockchain that supports privacy and whose transactions cannot be tracked, would they have survived and succeeded in hiding their traces?

[Whited35 15285]

3 hours ago, Shaza Ahmad said:

Good article, I am wondering if the criminals used decentralized exchange platforms like Uniswap and then used the Monero blockchain that supports privacy and whose transactions cannot be tracked, would they have survived and succeeded in hiding their traces?

Yes brother @Shaza Ahmad. Despite they use decentralized platforms like Uniswap or even privacy coins XMR, transaction records can be still traced. Hackers attempts to cash out for fiat currencies but you know, decentralized platform does not allow fiat currency to withdraw. That's the reason scammers are getting attracted toward Darknet/darkweb marketplaces but unfortunately, such marketplaces are also detected by the authorities and being closed one after another. 

[Khan 1414]

On 10/31/2020 at 12:59 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

The more popular crypto currency is the more it will be targeted by the hackers and that's the reason we always recommend the new user to make their wallet in secure place instead of low exchanges.

[Rozy 1918]

Criminals are everywhere but the worst criminals are those who steal from people with cold heart. I do not know how d they sleep at night. Cryptos is preferred to criminals because it is so hard to trace it, and to know the real owners of it , and I guess the insurance companies does not cover such incidents.

[Whited35 15285]

14 hours ago, Rozy said:

Criminals are everywhere but the worst criminals are those who steal from people with cold heart. I do not know how d they sleep at night. Cryptos is preferred to criminals because it is so hard to trace it, and to know the real owners of it , and I guess the insurance companies does not cover such incidents.

Real owner can not be detected just locating the crypto wallet address or the crypto funds but still the route followed by their crypto holdings can be traced. Scammers are caught while exchanging crypto against fiat currencies on the different centralized exchange that needs KYC verifications. You know, fiat currencies are generally transferred to the bank for cashing out purpose and criminals are being caught by blockchain analysis companies like Chainalysis at the end. 

Edited December 29, 2020 by Whited35

[Lokeloke 576]

On 10/3/2020 at 4:33 PM, Whited35 said:

Generally, cryptocurrency exchanges and wallets are being hacked due to phishing attacks, loopholes

Truthfully, phishing is one of the attempt used by cyber criminal the most by engineering and luring victim to engage with their designed site or platforms in order to get their login credentials

[Roan 2166]

Let's be honest. Fraudsters are everywhere, and they find this field an opportunity to do fraud, theft, and illegal actions.

Therefore, we must always be careful and make sure in every step we want to take and make sure of the offers that come to us with large fake profits to ensure our money from fraudsters and not give our passwords to anyone.

[m7md 0]

The features of cryptocurrencies and the features of the blockchain network, which are decentralized, anonymous and secret, are a good opportunity to be exploited by bad people and hackers, so make updates to ensure that this exploitation does not happen. 

[Whited35 15285]

1 hour ago, Lokeloke said:

Truthfully, phishing is one of the attempt used by cyber criminal the most by engineering and luring victim to engage with their designed site or platforms in order to get their login credentials

Well yes, they are also there to cheat users from the various attempts. Recently, new scamming tricks have been detected by the internet security companies, scammers inspire users to claim airdrop by installing the malicious apps. 

1 hour ago, Shanii Chaudhary...... said:

Crypto crime is also responsible for the traders present here, which is how we are working. And the biggest reason behind our loss is also due to our negligence and as we know if we share our personal information and security with anyone, then only we have to face doubt, scamming and loss. 

What do you mean and what is the direction of your talking here? I am facing a hard time to understand the crux of matter from your texts. 

[Roman Wickler 1021]

Many people use crypto for doing crime. Crypto demand is alot and alot of criminals use crypto for doing crime. That's why many countries don't accept cryptocurrency and banks also. Because of the crime. You can't track them down. It is not possible that's why they don't accept cryptocurrency. 

[Lokeloke 576]

22 hours ago, Whited35 said:

es, they are also there to cheat users from the various attempts. Recently, new scamming tricks have been detected by the internet security companies, scammers inspire users to claim airdrop by installing the malicious apps. 

Well the Love for free money can make you fall victim of phishing attack as you'll have to provide all your details before you benefits from them example of those free money are airdrop

[yonkii 3205]

This was very good information in this post. It can be very good news for investors too, as now they learn that transactions are monitored and any hacked crypto will be traced by Chainalysis and the other analytic companies. The hackers will also have a very difficult time to manage to hide the stolen crypto. If there are a few good results from this kind of analysis it would be great for crypto in total as it will mean the criminals are found and punished.

[cryptovlek 2597]

On 10/3/2020 at 6:33 PM, Whited35 said:

In the case of blockchain hacks, the following are the most notable possibilities.

• 51% attack
• Exploiting bugs in the cryptographic codes
• Lunching Sybil attacks
• Routing
• Direct Denial of Service (DDoS) attacks

I only had knowledge of 51% attack. Thanks for this information. I don't know a lot about Sybil attacks or routing, will try to find out more. But I don't see how DDOS attack can be performed on blockchain. This is an attack on a website so probably this would be an attack on a selected miner probably? 

[zhoutong 2188]

The researchers at Cyphertrace and Chainalysis could help a lot authorities to combat online crime that uses cryptocurrencies, there is a part of the web that has atrocious websites and markets selling all kinds of illegal items. The criminals that use Bitcoin are usually found easily but they are getting better and this kind of analysis is required to find and bring them to justice.

Privacy is important but there are actions that are not justified and most of us are paying for the actions of just a few criminals. Cryptocurrencies finally are moving out of the notorious past and these analytic companies should be praised for helping.

[Whited35 15285]

17 hours ago, zhoutong said:

The researchers at Cyphertrace and Chainalysis could help a lot authorities to combat online crime that uses cryptocurrencies, there is a part of the web that has atrocious websites and markets selling all kinds of illegal items. The criminals that use Bitcoin are usually found easily but they are getting better and this kind of analysis is required to find and bring them to justice.

Excellent points brother @zhoutong ! I have been repeatedly studying the reports published by both Cyphertrace and Chainalysis. Chainalysis is also sending the monthly updates to my email registered for the subscriptions. Despite criminals use darknet/darkweb market places, they are still able to dectect the crime based on crypto and it's the beauty of blockchain technology. Even personal information can be revealed if criminals attempts to cash out in fiat currencies after crypto exchange.

The great news is, blockchain analysis companies are also repeatedly upgrading their services. 

[khan22 3478]

Before the Crypto coins the criminals will use the Fiat money and the Gold but the governments will not control that but now the most of peoples will blame the crypto market and this is not good and so many peoples will make money in this market and earn money not they make money laundering etc.

[alaarami 103]

My friend, the participation is very useful as scammers always use many different methods in order to steal crypto from stock exchanges. For that, we have to pay attention to those and always learn to confront these criminals.

[Raqeebzy 6456]

On 12/31/2020 at 6:52 AM, Lokeloke said:

Well the Love for free money can make you fall victim of phishing attack as you'll have to provide all your details before you benefits from them example of those free money are airdrop

It is good you are aware. Though chainlysis is somehow not concerned about failed or fraudulent airdrops. There is good to be informed with the massive trends of scams nowadays.

I think it is the best to avoid Airdrops with KYC requirements. There is no certainty those information are safe and might not be used fraudulently by the third party. 

[Abdulrahman3 1252]

The paradox that exists today in the Internet market, which many people do not understand is that with the spread of electronic commerce and cryptocurrencies, the security of our money has increased because all the buying and selling operations are recorded and it is difficult to forge them, and on the other hand the number of criminals has increased and they found theft online easier than the old theft.

[Whited35 15285]

On 1/26/2021 at 1:48 AM, Abdulrahman3 said:

it is difficult to forge them, and on the other hand the number of criminals has increased and they found theft online easier than the old theft.

Lol, can you read your texts once again by yourself ? Transactions or other details can be forgotten by the users but the record stored on the blockchain can not be erased as the true nature of blockchain is immutable. Chainalysis uses such record from blockchain to spot the criminals. Check the different products from Chainalysis.

[RoyalHouse01 9]

that is the obvious thing now as there are more usages of the cryptocurrency so there will be more scams and hacks, that means we all should be careful with all these things.

[Abrar1122 10]

so what do you think it is very hard to stay safe from this kind of hackers or this is to find a way to hack into your system and steal your money what is actually it

[Jack764 1841]

Establishing rules and basics for working in the field of cryptocurrencies is essential, especially with regard to methods of deception, fraud and hacking, so that every person knows what risks they may face