Bitcoin transactions are more transparent than cash – Iqsoft Software Consultants Blog

▤ Summary

But this week’s revelation that federal officials had recovered most of the Bitcoin ransom paid in the recent Colonial Pipeline ransomware attack exposed a fundamental misconception about cryptocurrencies: They are not as hard to track as cybercriminals think. That’s because the same properties that make cryptocurrencies attractive to cybercriminals — the ability to transfer money instantaneously without a bank’s permission — can be leveraged by law enforcement to track and seize criminals’ funds at the speed of the internet. Startups with names like TRM Labs, Elliptic and Chainalysis that trace cryptocurrency payments and flag possible criminal activity have blossomed as law enforcement agencies and banks try to get ahead of financial crime. Raimondi, of the Justice Department, said the Colonial Pipeline ransom seizure was the latest sting operation by federal prosecutors to recoup illicitly gained cryptocurrency. “While these individuals believe they operate anonymously in the digital space, we have the skill and tenacity to identify and prosecute these actors to the full extent of the law and seize their criminal proceeds,” Maria Chapa Lopez, then the U.S. attorney for the Middle District of Florida, said when the case was announced.

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