Investigations

The DOJ’s Retreat from Crypto Enforcement: A Double-Edged Sword

April 11, 2025April 11, 2025 Jorge Santos

In a significant policy shift, the U.S. Department of Justice (DOJ) has disbanded its National Cryptocurrency Enforcement Team (NCET), signalling a move away from broad regulatory actions against the cryptocurrency industry. This decision, aligned with the Trump administration’s pro-crypto stance, aims to reduce what it perceives as regulatory overreach and foster innovation in the digital asset space. A Cause for Concern: Potential Rise in Crypto Scams While the intention to support innovation is notable, the move raises concerns about the potential for increased crypto-related scams and fraudulent activities. The NCET…

From Garantex to Grinex: A case study in crypto sanctions evasion and brand resurrection

April 4, 2025April 4, 2025 Jorge Santos

In March 2025, the global crypto community witnessed a major enforcement action as U.S. and European authorities took down Garantex, a Russia-linked cryptocurrency exchange accused of facilitating money laundering, ransomware payouts, and darknet market activity. Just weeks after the domain seizure and public takedown, a suspicious exchange emerged under a new name: Grinex. This article dives deep into how Garantex rebrand and bypass sanctions, why this matters for global crypto regulation, and how investigators can spot and stop these evasive tactics. Who was Garantex? Founded in 2019 and operating primarily…

The Bybit Hack: A Vertical Attack

March 9, 2025March 9, 2025 Jorge Santos

The recent Bybit hack surprised the cryptocurrency industry due to the sheer volume of the loss, which involved an estimated $1.46 billion in Ethereum, as well as the vertical assault approach deployed. Rather than compromising Bybit’s core infrastructure, attackers targeted Safe{Wallet}, a provider of multi-signature wallet security. The attack exposes serious gaps in Bybit’s operational security and Safe’s failure to detect unauthorised system changes. This article offers a timeline of events, analyses Safe’s security flaws, investigates Bybit’s insufficient transaction processing procedures, and discusses what crypto organisations can learn from traditional…

I Caught You, Pervert! Phishing Scams and How to Protect Yourself

January 31, 2025January 31, 2025 Sven Martinsson

Earlier this week I was contacted by an old friend who was nervous about potentially having been hacked. The message read something like this: “I got this email saying they caught me doing something disgusting. They claim to have hacked my accounts and want Bitcoin, or they’ll share everything with my friends and family. They sent it from my own email address! Is this real? Am I screwed?” We met up at a café in a grey and rainy Helsinki, her laptop and phone between us, the screen still displaying…

The World of High-End Investigators: A Glimpse Into Financial Crime, Cyber Threats, and Counterterrorism

January 14, 2025January 14, 2025 Sven Martinsson

When you hear the term “private investigator,” your mind might conjure images of trench coats, dark alleys, and grainy surveillance photos. But in the world of high-end investigators, it’s a whole different game. Forget the noir clichés—these specialists operate at the bleeding edge of technology and law enforcement, tackling challenges like financial crime, corporate espionage, and counterterrorism. This isn’t about catching cheating spouses or tracking down lost pets. High-end investigators are the professionals called in when millions are missing, secrets are stolen, or entire organisations are compromised. Who Are These…