Crypto Crime On The Rise
 Marlon Pinto

Marlon Pinto

Crypto Crime On The Rise

It is no surprise to anyone that the use of cryptocurrency is on the rise; and with this comes the increase of complex cryptocurrency crime.

AnotherDay have been seeing a substantial increase in fraud, especially in relation to cryptocurrency. This is often from external scammers, who either target the victim through cyber vulnerabilities, or seek to deceive or extort an individual into transferring cryptocurrency. Unfortunately, the more substantial losses normally involve an internal suspect, whose knowledge and access to sensitive data gives them the opportunity to exploit any vulnerabilities and the trust of their employer.

AnotherDay have an in-house capability to investigate these offences, while tracing and analysing the movement of cryptoassets to ultimately assist with their recovery.

This process can be used in both Civil and Criminal Private Prosecution investigations; but how do we do this?

In summary:

  • We use specialist tools to identify how the funds are moving, and assess from an intelligence and evidential perspective where, when, and how much of the stolen assets are being cashed out;
  • We collate intelligence and evidence to provide fast time requests, via a designated external counsel, if it appears that the funds are being passed through an exchange (particularly one which is cooperative with law enforcement and legal requests/production orders);
  • We gather and analyse traditional evidence such as witness statements, documents, access control logs, and open source intelligence (OSINT) on individuals of concern;
  • We fuse all of this information into an “evidential package”, with appropriate disclosure schedules, which can be used to take further steps to take action through law enforcement, the private prosecution process, or through civil remedies as required. 

Given the current climate, it is highly likely that the use of cryptocurrency will increase significantly, and with this the potential risk of individuals and companies being targeted. If you would like one of our consultants to take you through some of our case studies -  get in touch.

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