Understanding Limitations of Blockchain Analysis!
A blockchain analysis professionally prepared by me goes into detail. Because in the event of “chaos on the blockchain”, if For example, criminals distribute stolen Bitcoins to dozens of walletsit quickly becomes confusing.
Therefore, appropriate software and know-how are required to “go into depth”. And I do the same for my clients.
With blockchain analysis we find out, what transactions were made after the fraud incident – and where the cryptos were sent. But that doesn’t save anything.
So can you track Bitcoin payments?
Yes, we can track Bitcoin payments. And very quickly, because I have now specialized in this method. This makes it possible for me within a few hours to accomplish a complete blockchain analysis.
It then depends on the specific individual case. Sometimes the perpetrators wait weeks or months before sending on their illegally stolen Bitcoins. Or they do it straight away and “pump” the coins onto a crypto exchange so that they can immediately sell them for euros or dollars.
This is where we can start working with the investigative authorities. Because when “cashing out”, i.e. that Selling cryptos, the well-known crypto exchanges require full verification. So we can find out who exchanged which Bitcoins at the end.
Can the police track Bitcoin?
The police and other investigative authorities can also track Bitcoin transactions. However, due to the large number of fraud cases, the police departments report to me a “flood of research work” – sometimes it takes up to 18 months (!) for the police to complete a blockchain analysis.
18 months?
That’s way too long!
That’s why I decided to do this for my clients as quickly as possible to do yourself. Then the investigating authorities can proceed even more quickly.
What’s the point of having a crypto transaction tracked if the results won’t be available for months? Ideally we need the results the day before yesterday!
Determining Bitcoin recipients – difficult with all cryptocurrencies! But not impossible.
With blockchain analysis, we cannot find out who owns a wallet. Because this “identity data” is on the blockchain not saved. That’s not a big deal at all.
The to determine the true identity of a Bitcoin recipient means being able to query specific data sets at any point. For example, at the crypto exchanges (see above), or at a wallet provider that required verification.
Because of stricter money laundering regulations In the EU, more and more crypto service providers are legally required not to be able to offer anonymous transactions or custody of a certain amount.
Means: In the future, more and more crypto wallets will be identified.
Not all cryptocurrencies work like Bitcoin!
There are also digital assets that intentionally do not want to leave a chain of transactions. However, these so-called “privacy coins” or “anonymous cryptos” have increasingly come into the focus of lawmakers.
Because no country in the world likes to see a complete, “traceless” transaction that cannot be traced even in cases of doubt. After all, serious criminals could easily move assets without ever having to fear any consequences.
In the crypto fraud cases that I know of, these coins were almost never used. Well-known crypto exchanges are increasingly refusing to allow trading in these “anonymous” cryptocurrencies.
Cryptocurrency exchanges can help track Bitcoin transactions!
In some of the fraud cases I handle, the victims don’t even know what the perpetrators actually did. Everything happened so quickly, and “confusion on the blockchain” was deliberately created by the criminals.
But I also analyze these constellations accordingly from a technical and legal perspective. If important key elements for blockchain analysis are missing, for example because there is no wallet address (not even my own!), I leave lawyer on the crypto exchanges to:
The crypto exchanges have the records regarding crypto transactions. This ensures that the transaction chains can be restored properly.
How I work with my clients!
When it comes to fraud cases in the crypto world, we need all the important information as quickly as possible. Who did you have contact with? When was the first deposit made?
Where did your money go and where were your cryptos sent? What did the dubious rip-off artists specifically tell you? Are you currently being harassed?
I will investigate the facts of the case in detail together with my client. We then take protective measures because the perpetrators are happy to do it again. Then it will happen as quickly as possible criminal proceedings initiated against these people – if necessary also abroad. I also involve the responsible financial supervisory authority.
Real case from my office!
A person had registered with Coinbase with the help of an alleged broker in order to be able to pay out an alleged balance in Bitcoins.
A lot of personal and bank details were revealed, but no money has flowed so far. However, a fee was required, which was necessary for “activation”.
The person asked me if they would have to pay any costs for opening an account with Coinbase and how they could be sure it wasn’t a fake account.
In this case, it first had to be ensured to what extent the promised crypto credit actually existed!
New: Scammers use artificial intelligence!
Fraudsters are increasingly using advanced artificial intelligence (AI) to refine their fraud methods. This is particularly noticeable in design and communication.
They use AI to create deceptively realistic graphics and designs. They use this to create convincing websites and fake documents designed to gain the trust of victims. They also use highly developed chatbots. These bots are programmed to answer questions immediately and credibly.
Their human-like manner of communication effectively deceives the victims. With these technologies, fraudsters can reach a large number of people quickly and with little effort. This increases the risk and scope of their fraud attempts significantly.
Tracking blockchain transactions is always just one Snapshot!
Sometimes it takes more than a one-time analysis. Because once the perpetrators have moved the cryptocurrencies, they can be sent again at any time.
In this respect, in some cases it is of very little use to view the blockchain “once”. It takes consistent tracking of Bitcoins or other cryptos. We need to know what’s happening – when in doubt, “live”!
I critically assess various, ominous providers on the Internet, who tout their blockchain analysis services as if it were the panacea for crypto fraud. As a lawyer, I see it this way: we need blockchain analysis, but that is only part of the strategy against criminal actors.
Get a free initial assessment if you want to track crypto transactions!
I know how stressful blockchain issues can be. Especially if you have been “ripped off” by Bitcoin or other cryptos.
That’s why I’m offering one to everyone affected free initial assessment at. Because you probably need some initial orientation now, and not a hefty legal bill.
Write to me by email without obligation about what happened. I’ll get back to you as soon as possible. You can also visit my website
anlagefrau.de
Find out more about cryptocurrency scams. Just this much at this point: it looks bad. The Internet seems to be “infected” with numerous scammers.
You can easily write me an email if:
- You want to determine the true identity of a Bitcoin recipient,
- You need to track a crypto transaction
- you feel overwhelmed with the “blockchain stuff”,
- you were scammed with Bitcoin,
- You tried blockchain analysis yourself but failed,
- Your cryptocurrencies “have gone somewhere”,
- She immediately want to have a specific transaction tracked.
