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Wednesday, 26 December 2018 21:56

ARTICLES ON SECURITYLAB.RU

The leading information security portal SecurityLab.ru has published a note: CipherTrace - audit trail encryption (2018/12/16).

For the first 9 months of 2018, theft in the cryptocurrency industry reached about $ 1 billion...

The October report by CipherTrace shows that the criminals used bitcoin to launder $ 2.5 billion of dirty money. Thus, 380 000 BTC was laundered on cryptocurrency exchanges.

A new study showed that 97% of criminal bitcoins flow into unregulated cryptocurrency exchanges.

Bitcoin's anonymity is a stumbling block for many, almost from the day it appeared. Despite the fact that a number of politicians and experts consider the first digital money to be completely anonymous, yet this is not true. To make a bitcoin transaction, you do not need personal data and the user's address, but information about all operations remains in the public distributed registry. This may allow you to track cash flow.

There are measures that can increase the anonymity of translations. For these purposes, services have been developed - cryptocurrency mixers. For example, you can convert Bitcoin to other cryptocurrencies, and then back. However, even such methods do not make the first cryptocurrency completely confidential. Both the sender and receiver can still be calculated.

It is noteworthy that at the moment, many state and commercial companies have attended to the identification of users. They make a lot of effort to master the methods of computing the identities of those who make suspicious transfers. Therefore, it’s impossible to talk about complete anonymity on the Bitcoin network...

Source: SecurityLab.ru

Source: K4Y0T Project.

Published in MEDIA ABOUT US

CipherTrace Third Quarter Report proves cryptocurrency anti-money laundering laws are effective, and cites $927 million of cryptocurrency stolen during 2018 that needs to be laundered.

Ninety-Seven Percent (97%) of Criminal Bitcoin Flows into Unregulated Cryptocurrency Exchanges According to New Research...

October 10, 2018 – Efforts to enact and enforce strong cryptocurrency Anti-Money Laundering (AML) regulations are drastically reducing criminal activity on digital currency exchanges, according to new research released today in the CipherTrace 2018 Q3 Cryptocurrency Anti-Money Laundering Report. The study revealed that 97 percent of direct bitcoin payments from criminals went to exchanges in countries with weak anti-money laundering laws.

Nearly five percent of all bitcoin sent to poorly regulated exchanges comes from criminal activity before the money is moved, undetected, into the global financial payments system. In fact, these exchanges have laundered a significant amount of bitcoin, totaling 380,000 BTC or $2.5 billion at today’s prices.

The report covers the latest legislative changes, as governments around the world are ramping up cryptocurrency AML regulation and enforcement, many by the end of this year. For example, US FinCEN recently clarified its stance on regulation, subjecting crypto-to-crypto exchanges to the Bank Secrecy Act (BSA) rules, focusing on mixing services and enlisting the help of the IRS. The European Commission’s 5th Anti-Money Laundering Directive (AMLD 5) was also entered into force in July and will require G20 nations to comply with strict AML regulations. “Different geographies are competing on regulations and trying to become ‘trusted’ digital currency hubs in order to grow their economies,” added Jevans.

During the first three quarters of this year, the report shows $927 million of cryptocurrency reported as stolen from exchanges. The $166 million in reported thefts since the second quarter report was driven by an emerging trend toward more frequent and smaller cyberattacks by sophisticated thieves. CipherTrace estimates that total stolen cryptocurrency reported is expected to hit well over $1 billion by the end of the year – currency that needs to be laundered.

The CipherTrace 2018 Q3 Cryptocurrency Anti-Money Laundering Report provides an in-depth state-of-the-market look at criminal activity and the status of AML regulations by jurisdiction. The report presents an unprecedented quantitative analysis of 45 million transactions at 20 top cryptocurrency exchanges globally between January 2009 until September 20, 2018, and identifies criminal funds from dark markets, extortion, malware, mixer/tumbler/money laundering sites, ransomware, and terrorist financing.

Source: CipherTrace.

Published in INDUSTRY REPORTS

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