Tracking Stolen Cryptocurrencies

guest · Sep 27, 2021

Tracking stolen crypto is a booming business: How blockchain sleuths recover digital loot
Crypto heists are becoming increasingly common
September 22, 2021
https://www.washingtonpost.com/technology/2021/09/22/stolen-crypto/

Hackers had made off with $610 million in crypto, belonging to tens of thousands of people. Roughly $33 million of the funds were swiftly converted into Tether, a “stable coin” with a value that mirrors the U.S. dollar.

Ardoino, Tether’s chief technology officer, took note. Typically, when savvy cybercriminals make off with cryptocurrency, they transfer the assets among online wallets through difficult-to-trace transactions. And poof — the money is lost.
Ardoino sprang into action and, minutes later, froze the assets.
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The seizure pokes a hole in the long-held belief that cryptocurrency is impossible to trace.

But forensics investigators are getting savvier at scrupulously mapping activity on blockchains and figuring out who is behind specific accounts. This has sparked a “novel cottage industry of data providers” who are able to track cryptocurrency accounts flagged for illicit activity, said Zachary Goldman, a lawyer at WilmerHale specializing in novel payment technologies. “That’s never really been available before.”
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