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The Lethbridge Police Service (LPS) in Canada is incorporating technology to combat crypto scams and assist victims in retrieving funds. By deploying Chainalysis Reactor, law enforcement aims to trace crypto transactions and recover stolen funds. The software can identify and categorize millions of addresses, including those of illegal and legitimate services.  Police will rely on a certified blockchain analysis investigator from the Economic Crimes Unit. Chainalysis Reactor software allows for the meticulous tracing of crypto transactions, taking advantage of the transparent nature of public blockchains like Ethereum or Bitcoin from which most of these stolen tokens are deployed. You might also like: Deloitte, Chainalysis partner to ‘address’ crypto compliance challenges To investigate cases, relevant data will have to be inputted. The program will then systematically trace the journey of funds from victims’ wallets to exchanges. Once the exchange is identified, inve...

Plaintiff Jeffrey Huang claims his reputation was damaged when ZachXBT allegedly falsely accused him of embezzlement. Blockchain investigator ZachXBT has been sued for libel by one of the people he accused of fraud, according to a June 16 social media post. According to the post, Jeffrey Huang, known as “MachiBigBrother” on Twitter, has accused ZachXBT of damaging his reputation through false allegations. MachiBigBrother also posted an announcement stating that he is suing the on-chain sleuth. A year ago, @zachxbt published a Medium article about me that damaged my reputation. Today, I have filed a defamation lawsuit against him in the United States District Court for the Western District of Texas. — Machi Big Brother (@machibigbrother) June 16, 2023 ZachXBT responded to the lawsuit by calling it “baseless” and “an attempt to chill free speech.” He pledged to “fight back” against it. In a thread responding to his own post, ZachXBT linked to the Medium post that is accused of being l...

As crypto traders became wary of making investment decisions amid the Terra collapse in 2022, scammers shifted to free giveaways and romance scams. While scammers can also feel the chill of the crypto winter as scam revenue drops by 46%, some continue to adapt and thrive despite the bear market.  In a crypto crime webinar focusing on crimes that affect consumers, Eric Jardine, the cybercrimes research lead at Blockchain Analysis firm Chainalysis broke down how scammers shift their strategies as market situations change. Romance and giveaway scams rose in 2022. Source: Chainalysis According to Jardine, while the overall crypto scam revenue dropped in 2022, not all scams behaved similarly. He explained that:  "One of the new innovations in this year's report was sub-classing scams into types. And there, what we discovered was that not all scams behaved the same way in the context of the bear market." While the Terra collapse in 2022 made crypto investors skeptical of m...

Just the top 10 major cryptocurrency exploits garnered over $2 billion for malicious actors in a year that was marred with bankruptcies and collapses. It's been a turbulent year for the cryptocurrency industry — market prices have taken a huge dip, crypto giants have collapsed and billions have been stolen in crypto exploits and hacks. It was not even halfway through October when Chainalysis declared 2022 to be the “biggest year ever for hacking activity.” As of Dec. 29, the 10 largest exploits of 2022 have seen $2.1 billion stolen from crypto protocols. Below are those exploits and hacks, ranked from smallest to largest. 10: Beanstalk Farms exploit — $76M Stablecoin protocol Beanstalk Farms suffered a $76 million exploit on April 18 from an attacker using a flash loan to buy governance tokens. This was used to pass two proposals that inserted malicious smart contracts. The exploit was initially thought to have cost around $182 million as Beanstalk was drained of all its collater...