CipherTrace Releases Guide to Identifying Signs of Cryptocurrency Use by Criminals

CipherTrace Publishes Detailed Guide for Law Enforcement Officers, which describes how to identify signs of the use and storage of cryptocurrencies by criminals.

Analyst firm CipherTrace has a long history of partnerships with regulators and law enforcement agencies of various countries. The leadership is noted, what, According to the US Department of Finance, from 2013 years "the volume of cash from criminals is constantly reduced". More likely, it means, that the criminal world is increasingly using cryptocurrencies for storage and exchange.

“Signs of the use of cryptocurrencies can be easily missed by agents, who do not know, What to look. Hardware wallets can look like an ordinary USB drive, and code phrases to restore access to the wallet look just like random words, recorded on paper ", - emphasize Ciphertrace experts.

In its leadership, the company calls on investigators to check the smartphones and computers of suspects for applications and bookmarks, associated with cryptocurrencies, as well as applications for two -factor authentication. The document provides a list of popular cryptocurrency exchanges, Koshelkov, as well as the location maps of cryptomats.

Also, investigators need to check various notes, notebooks and pieces of paper for words to restore access to cryptocurrency wallets. Such papers can be hidden in books or other documents. Ciphertrace gives lists of manufacturers of hardware wallets and photos of devices.

In conclusion, experts emphasize, that investigators and operatives need to especially closely look for signs of the use of cryptocurrencies in those cases, when the volume of the seized cash is clearly insufficient to ensure the ongoing criminal activity.

Previously, the Ciphertrace study showed, that more than half of the international cryptocurrency exchanges have weak KYC/AML protocols and do not comply with industry standards.

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