Crystal Intelligence

Did you know that ATM scams are evolving with the rise of cryptocurrency?    Our Director of Intelligence and Security, Nick Smart, has recently been featured in an article discussing how crypto ATMs are being exploited by scammers to steal millions from unsuspecting victims.   These machines, often found in everyday locations like gas stations, are used in scams where money quickly vanishes into offshore exchanges.   In one case, a Chicago woman lost $9,000, which was quickly traced by our team to an offshore exchange. Nick stated, "Without proper oversight, illicit actors can run money laundering services without the larger exchange knowing."   Our forensic analysis plays a crucial role in uncovering these complex fraud networks, emphasising the need for stricter regulations and international cooperation.    Proud of our team's efforts in making the crypto space safer for everyone.   Read more here > https://lnkd.in/ePqNW6EG   #CryptoSecurity #FinancialFraud 

A quick end of week wrap of some of the headlines that caught our attention in hacks and scams: ➡ Pink Drainer drained! Cybercrooks lose 10 ETH to address prisoners. ➡ Binance set to fight address poisoning with new algorithm: Algorithm monitors dodgy transactions to protect consumers. ➡ CoinMarketCap warns Hedera users about address poisoning: Address poisoner makes off with $70K. ➡ Metana explains address poisoning risk in smart contracts: $19M stolen from duped wallets in three months. ➡ GovInfoSecurity says crypto theft doubled: 1st half of 2024 saw more crypto stolen than same period in 2023. For in-depth analysis and more details, read our full blog: https://lnkd.in/erAdNwXC #cybercrime #hacks #scams #pinkdrainer #blockchainintelligence

We posted earlier this week about being honored by the Counter Narcotics Department of the National Police of Ukraine for our contributions to their investigations.   We're really pleased to be able to share some of the medals we received for this work, that we are incredibly proud to display.   If you'd like to find out more about this, get in touch. #crypto #blockchain #lawenforcement

We are thrilled to announce that we have been recognized by the Counter Narcotics Department of the National Police of Ukraine for our significant contributions to their investigative efforts. Since our formal collaboration began in 2023, we have worked diligently to improve crypto investigations, detect drug laboratories and criminal organizations, and investigate offenses involving cryptocurrencies. We have also provided extensive training to the Counter Narcotics Department, equipping each region in Ukraine with its own virtual activity specialist. We are committed to supporting law enforcement agencies worldwide with cutting-edge blockchain analytics. For more information on how we can support your investigative efforts, get in touch.

We recently hosted a webinar in collaboration with the India-based Future Crime Research Foundation (FCRF) - all about tackling crypto crimes through blockchain forensics. This event brought together government officials, financial regulators, law enforcement agents, and industry professionals to: 📈 Enhance understanding of the crypto ecosystem 🛡️ Empower attendees with strategies to counter illegal blockchain activities 🔧 Introduce the latest tools for combating crypto crime 🔍 Provide actionable intelligence and insights into the future of crypto industry security Key panellists included Shashank Shekhar, Managing Editor at CloudSEK and co-founder of the FCRF, Prof. Triveni Singh, Ex-IPS & Chief Mentor at FCRF, Jitendra Singh, ACP, Indian Cybercrime Coordination Centre (I4C), Sanjeev Shahi, Associate Director of Sales at Crystal, Naveen Gupta, CEO at Crystal and Nick Smart, Director of Intelligence at Crystal. To find out more about what was discussed, watch the full conversation by clicking the link below: https://lnkd.in/ewV34QRh

Can two tiny Bitcoin transactions amounting to a mere $10 be responsible for the recent crypto dip? Yes, if the address sending those funds belongs to the defunct Mt. Gox Exchange! Mt. Gox was a Bitcoin exchange based in Tokyo. Launched in 2010, it was handling over 70% of all Bitcoin buys and sells by early 2014 when it abruptly ceased operations due to the theft of most of its funds, totaling between 650,000 and 850,000 Bitcoin. Part of the stolen funds went through the infamous exchange BTC-e.com, allegedly created by the same people who committed the Mt. Gox hack, but this is material for another story. Mt. Gox later managed to locate 200,000 Bitcoins in a ‘forgotten’ wallet. This forgotten wallet is what now allows former customers to receive a portion of their deposits back. After a long bankruptcy process lasting many years, it seems that Mt. Gox trustee Nobuaki Kobayashi is ready to send the long-awaited Bitcoin to selected crypto exchanges for final repayment to victims. We have recently noticed those two tiny transactions sent to addresses connected to two different VASPs, which appear to be test transactions before the final settlement, as visualized below. Crystal Intelligence is monitoring the situation.

The MiCA Roundtables Expert Series is coming to Brussels on July 10th, 2024!    As proud sponsors of this event, we're thrilled to be part of a session that will highlight Belgium's regulatory perspectives while also offering a broader international outlook on the implementation of MiCA.   We're looking forward to hearing from industry leaders and regulatory experts as they share their insights on transparency, disclosure, and the future of crypto-assets in the EU.   Keynote speeches by Dr. Joachim Schwerin and Peter Kerstens from the European Commission will set the stage for a day of insightful presentations, alongside other attendees: Beata S. (Kraken Digital Asset Exchange ), Roeland Van der Stappen (Swiss Finance Council) and Romena Urbonaite (Bitpanda).   Stay tuned for updates and insights from this exciting event.

In a recent article by BeInCrypto, our own Hedi Navazan shares insights on the implications of Coinbase's lawsuit against the SEC. This significant legal battle showcases the urgent need for clear and fair regulations in the crypto industry. Read about how this case could shape the future of crypto regulation and what it means for the industry: https://bit.ly/3L2mBZK #cryptoregulations #coinbase #sec

We're excited to announce our partnership with PKF PARAGUAY a consultancy leader in fiscal, legal, and compliance aspects, to elevate the crypto ecosystem in Paraguay. Our collaboration will deliver premier services in crypto compliance, consulting, investigations, and legal matters, with the goal of making Paraguay a global leader in this space. Navin Gupta, CEO of Crystal Intelligence, stated, “This collaboration sets a new standard for crypto compliance and consultancy services in South America, benefiting local crypto businesses and positioning Paraguay as a hub for cryptocurrency innovation.” Read more: https://lnkd.in/d5mRhZdN

“Nearly $19 billion worth of crypto was stolen in the past 13 years across 785 reported hacks and exploits, according to a Crystal Intelligence report.” Have you ever been the target of a crypto scam? According to a new Cointelegraph report, Coinbase is the most impersonated crypto brand. Cointelegraph journalist Zoltan Vardai published an article yesterday leveraging insight from our Crypto Hacks and Scams Report, which was released earlier this month. Check out Zoltan's report on crypto brand impersonation at: https://lnkd.in/egB-AVX4 Check out Crystal's full report here: https://lnkd.in/eESkw3F3 #cryptohacks #cryptoscams #blockchainintelligence #blockchainanalytics