TRM Labs

On Tuesday, the Federal Trade Commission (FTC) issued a consumer alert on Bitcoin ATMs. The FTC reported that, according to its own data, “Fraud losses at BTMs are skyrocketing, increasing nearly tenfold from 2020 to 2023, and topping USD 65 million in just the first half of 2024.” According to the FTC, “In the first half of the year, people 60 and over were more than three times as likely as younger adults to report a loss using a BTM. In fact, more than two of every three dollars reported lost to fraud using these machines was lost by an older adult.” Last week, in the wake of ATM seizures in Germany and the UK, TRM issued a report on crypto ATMs which found, consistent with the FTC, that the cash-to-crypto industry—which is dominated by crypto ATMs—has processed at least USD 160 million in illicit volumes since 2019. Last year, illicit volumes in the cash-to-crypto industry stood at 1.2% of total volume, double the 0.63% for the overall crypto ecosystem. In addition, TRM analysis shows that the vast majority of illicit transactions going through cash-to-crypto services are linked to scams and fraud: In 2023, 79% of all cash-to-crypto illicit volume (over USD 30 million) went to known scam and fraud addresses. The best defense is to identify a scam and stop it from happening in the first place. To that end, the FTC advises: ▪️ Never click on links or respond directly to unexpected calls, messages, or computer pop-ups. If you think it could be legit, contact the company or agency, but look up their number or website yourself. Don't use the one the caller or message gave you. ▪️ Slow down. Scammers want to rush you, so stop and check it out. Before you do anything else, talk with someone you trust. ▪️ Never withdraw cash in response to an unexpected call or message. Only scammers will tell you to do that. ▪️ Don’t believe anyone who says you need to use a Bitcoin ATM, buy gift cards, or move money to protect it or fix a problem. Real businesses and government agencies will never do that—and anyone who asks you to is a scammer. Stay safe, and be sure to report fraud and scams to Chainabuse.

In our latest #TRMTalks, Ari Redbord sits down with Taxbit’s Dr. Max Bernt to discuss taxation for the digital age. In this clip, Max (channeling fellow Austrian Arnold Schwarzenegger, who sought “big ideas”) discusses the real importance of taxation in society when it comes to social justice, health care, and financial inclusion. Listen to the full episode now! 👉 https://lnkd.in/gMV4Rr7q

🇦🇺 Last week in Brisbane, TRM Labs attended the Australian Institute of Professional Intelligence Officers (AIPIO) Intelligence 2024 Conference, where we shared insights on two pivotal topics: 1️⃣ ”Emerging Intelligence in the Crypto Economy: How blockchain intelligence can uncover and disrupt threats,” hosted by Nathan Fischer 2️⃣ ”Emerging Intelligence in the Stablecoin Economy,” hosted by Thomas A. A big thank you to AIPIO and all the attendees for the engaging conversations and connections. We’re excited to continue driving innovation in #blockchain and #crypto intelligence.

🚀 August 2024 Product Highlights at TRM Labs 🚀 August was a ground-breaking month, as we rolled out critical updates to enhance your #blockchain investigations and risk detection. ➡️ Cross-Chain Indirect Exposure Detection We’re excited to be the first in the industry to launch automatic cross-chain indirect exposure detection and tracing, making it easier than ever to identify indirect exposure across chains. Now, you can uncover hidden connections and risks with unmatched precision. Whether it’s identifying ties to sanctioned addresses across different blockchains or detecting complex cross-chain transactions, our pioneering technology ensures you get a complete and accurate view of any entity’s exposure. ➡️ Advanced Search Capabilities Finding the right data is now faster and more intuitive. Our enhanced search functionality offers more comprehensive results, streamlining your investigation process. Access a unified interface to quickly dive into key actions in TRM Forensics' Graph Visualizer and Block Explorer. ➡️ Running Asset Balance on Ethereum We’ve added the ability to track Ethereum asset balances with precision, allowing you to see wallet balance by asset type at the time of each transaction. This is critical for detailed transaction histories and compliance reporting. Want to dive deeper into these updates? Read our latest blog post to learn more 👉 https://hubs.la/Q02NrDCb0

Choosing the right #blockchainintelligence platform is a mission-critical decision for law enforcement and defense agencies—particularly as the #crypto world continues to evolve. Join TRM Labs and Carahsoft for a free webinar 🚨tomorrow (September 4)🚨 to learn why blockchain intelligence matters, and what to look for when selecting a provider. We'll cover: ✅  Blockchain intelligence fundamentals ✅  Real-life examples of blockchain intelligence in action ✅  Key considerations for selecting the right platform ✅  Why TRM Labs is investing in building a FedRAMP High compliant platform Save your seat now 👉 https://hubs.la/Q02Nq_p80

🇰🇷 TRM Labs is excited to be attending Korea Blockchain Week, with Angela Ang in a lineup of impactful sessions: 1️⃣ Crypto Legal Symposium | September 2, 6-9 PM The latest in #crypto regulation with experts from Circle, Global Blockchain Business Council (GBBC), INATBA - International Association for Trusted Blockchain Applications, University of California, Berkeley - School of Law, and Seoul National University. Thought-provoking discussions and a special fireside chat featuring Commissioner Mark Uyeda of the U.S. Securities and Exchange Commission. 2️⃣ Korea Blockchain Week | September 4, 10:50-11:10 AM Angela unpacks what it takes for FinTech to get comfortable with crypto in a presentation alongside leaders from Wavebridge, Cogni, and Hashed 🔗 Get your pass here (and use code pUBt04s656 for 20% off): https://lnkd.in/gQN5RwRE 3️⃣ Diversity-in-Tech | September 5, 6-10 PM Celebrate diversity and inclusion in tech, featuring inspiring women leaders from the industry. 🔗 Sign up here: https://lu.ma/fgnrq6f0 A big thank you to Jin Kang, Medha Srivastava, and the Hashed Open Dialogue for Law [HODL] team for making this possible. #KoreaBlockchainWeek #KBW2024 #DiversityInTech

We are hiring! Join our mission and build a safer financial system at TRM!

We are hiring! Join our mission and build a safer financial system at TRM!

🏧 TRM Analysis: Rate of Illicit Activity at Crypto ATMs is Double That of Overall Crypto Industry German authorities, led by the Federal Financial Supervisory Authority (BaFin), recently announced the seizure of 13 Bitcoin ATMs across the country that were operating without the required licenses or proper AML controls. The multi-agency operation, which spanned 35 locations, also involved Germany’s central bank, the Federal Criminal Police Office, and other local law enforcement agencies. In addition to the seizure of the ATMs, authorities confiscated EUR 250,000 (USD 279,000) in cash. In the wake of Germany's action, this week, for the first time, the UK charged an individual with operating an illegal crypto ATM. In our most recent report, out this week, TRM’s analysis shows that the cash-to-crypto industry—which is dominated by crypto ATMs—has processed at least USD 160 million in illicit volumes since 2019. Last year, illicit volumes in the cash-to-crypto industry stood at 1.2% of total volume, double the 0.63% for the overall crypto ecosystem. In addition, TRM's analysis shows that the vast majority of illicit transactions going through cash-to-crypto services are linked to scams and fraud: In 2023, 79% of all cash-to-crypto illicit volume, over USD 30 million, went to known scam and fraud addresses. 📑 Read our deep dive on Crypto ATM's here: https://lnkd.in/eAYuRW87

Happy last week of August ☀️ and welcome back to another edition of ✨The Weekly Roundup✨ — your source for the latest news on crypto regulation, compliance, and investigations, straight from the policy experts at TRM Labs. This week, Ari Redbord, Isabella Chase, and Angela Ang walk us through the details of these top stories: 🇦🇷 Argentinian authorities arrest Russian national for laundering hacked and stolen funds 🏧 Volume of illicit activity involving crypto ATMs is double that of overall industry 🇷🇺 OFAC sanctions 400, including UAV company which has received crypto, in effort to intensify pressure on Russia 🇫🇷 Telegram founder arrested in France for money laundering and other crimes 🏦 Treasury’s FinCEN officially withdraws controversial “unhosted wallet rule” 🇸🇬 Singapore payments and crypto license hopefuls will need legal opinions and external audits, and adhere to rules of engagement