Cryptocurrency
There’s a New Way to Get Your Stolen Crypto Back
Reported by CoinDesk, “‘My first loss was with CoinsMarkets. It happened when the exchange closed with our funds. I didn’t even try to contact anyone or alert any police.’ “These are the words of an intrepid crypto investor – one of many who responded to a tweet asking about the lack of recourse people face when […]
Reported by CoinDesk, “‘My first loss was with CoinsMarkets. It happened when the exchange closed with our funds. I didn’t even try to contact anyone or alert any police.’
“These are the words of an intrepid crypto investor – one of many who responded to a tweet asking about the lack of recourse people face when their assets are stolen in a hack, exit scam or Ponzi scheme.
“There’s as much as $10 billion in stolen crypto out there in the market, according to Pawel Kuskowski, CEO of blockchain sleuthing firm Coinfirm. And he wants to give victims a fighting chance at getting their funds back.
“Exclusively revealed to CoinDesk, Coinfirm has teamed up with global investigations firm Kroll, a division of consulting firm Duff & Phelps. The joint initiative being launched is called ReclaimCrypto, and combines the latest blockchain forensic techniques with the more established world of legal investigation and asset recovery…
“…Coinfirm’s bread and butter is anti-money laundering (AML) within crypto networks, done by analyzing the history of transactions using various smarts and big-data analytics. Similar to the likes of Chainalysis and Elliptic, it works with 50 or so exchanges and has built up a large database in this area.
“Coinfirm’s partner, Kroll, takes a more ‘traditional’ approach, which might involve producing court orders to get an internet service provider to reveal details about an IP address, or using former FBI and CIA operatives to scour the dark web for activity involving stolen funds.
“It should be pointed out that Kroll is not new to crypto: The firm worked with the U.S. Securities and Exchange Commission (SEC) last year in relation to fraudulent coin offerings. Kroll also tells CoinDesk it helped track down the perpetrators in Europe of $27.8 million bitcoin theft…”