Crypto currencies

Why the Current Crypto Travel Rule Falls Short

November 8, 2024January 8, 2025 Jorge Santos

The Financial Action Task Force (FATF) Travel Rule, proposed in 2019, aimed to harmonise cryptocurrency transactions with traditional financial anti-money laundering (AML) requirements. The purpose was to prevent money laundering, terrorist financing, and other illegal actions in the fast-expanding digital asset market. However, despite laudable intentions, the current implementation of the Travel Rule has numerous flaws that limit its effectiveness in meeting its stated goals. Understanding the Travel Rule The Travel Rule mandates Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges and custodial wallet providers, to gather and share…

Crypto Scams: What Every Victim Needs to Know

October 30, 2024January 8, 2025 Jorge Santos

Falling victim to a cryptocurrency scam can be a distressing experience, leaving you with questions and concerns about what to do next. This article contains critical information to help you regain control, protect yourself from further losses, and navigate the aftermath of a scam. Staying informed, gathering critical evidence, and understanding realistic expectations will help you move forward with confidence. These steps will help you avoid follow-up scams and know where to get help during the crisis. If you are a victim you need to report it. Criminals are not…

Enhancing Crypto Forensics: AI, Expertise, and Outsourcing

April 16, 2024January 8, 2025 Jorge Santos

Introduction to the Case Blockchain forensics have linked Roman Sterlingov as the operator of Bitcoin Fog, a service that mixes Bitcoin transactions to conceal their origins and destinations. These kinds of entities are usually used to ease money laundering activities. This article presents a snapshot of Sterlingov’s detention and the charges that led to his legal issues, illustrating the intricacies of digital currency operations and the regulatory frameworks that govern them. Understanding Bitcoin Fog Bitcoin Fog was a cryptocurrency mixing service that aimed to enhance anonymity for Bitcoin users. The service worked by pooling…

Introduction to Crypto Investigations and AI

March 3, 2024January 8, 2025 Jorge Santos

Cryptocurrencies have transformed the financial landscape, disrupting traditional banking systems. As their adoption grows, so do the challenges associated with them. This article explores how the intersection of crypto investigations and artificial intelligence (AI) is a major step against illicit activities. Understanding Cryptocurrency What Is Cryptocurrency? Cryptocurrencies are digital currencies that leverage blockchain technology for pseudonymity, transparency, security, and decentralization. While not widely adopted for everyday transactions, they attract attention and investment. Fundamental concepts Crypto Investigations What Is a Crypto Investigation? Cryptocurrency investigation is about tracing digital asset movement and connecting…

The role of artificial intelligence in combating cryptocurrency scams

February 3, 2023January 8, 2025 Jorge Santos

Artificial Intelligence (AI) has revolutionised many industries, and the world of cryptocurrency is no exception. With the rise of digital currencies comes an increase in scams and fraudulent activities, posing a threat to the security of crypto investors and delaying crypto mass adoption. We at VALEGA Chain Analytics use AI in several internal services, to validate and extract information from our data, but AI can be of great assistance in reducing the scam problem when applied to other areas and direct interaction with users. What is Artificial Intelligence AI is the simulation…

The challenge to stop crypto scams

May 31, 2022January 7, 2025 Jorge Santos

Being VALEGA Chain Analytics CTO I deal with a harsh reality: people fall for crypto scams and lose their money every day. Year after year the numbers just go up. From phishing to Ponzi schemes, from rug pulls to plain hardcore stealing, the raw volume is just scary and in a way amazing! Common sense tells us that the more the crypto world evolves, the fewer scams. Reality shows us the opposite and it’s surprising. Nowadays it is easy to find communities dedicated to finding and validating scams, there are analysis tools,…