Tagged: ciphertrace

March 29, 2023 @ 11:06 am By JD Alois  |  

CipherTrace, acquired by Mastercard (NYSE: MA) in 2021, has posted a report on money laundering and crypto crime. This report focuses on “dark markets” and “cross-chain bridges” as well as trends in nefarious activities like AML/KYC transgressions, fraud, hacks, and theft. The notes that at… Read More

October 5, 2022 @ 7:55 am By Omar Faridi  |  

Mastercard (NYSE: MA) has launched Crypto Secure, which is described as “a first-of-its kind technology solution designed to bring additional security and trust to the digital ecosystem.” Crypto Secure “combines insights and technology from CipherTrace with proprietary information to help card issuers stay compliant with… Read More

April 19, 2022 @ 8:34 am By Omar Faridi  |  

CipherTrace, a Mastercard Company, has reported a significant increase in the number of payments “made to ransomware groups in 2021.” The growth in this criminal enterprise “is so large that the first six months of 2021 saw payments that matched the whole of 2020.” With… Read More

December 31, 2021 @ 8:54 am By Omar Faridi  |  

The Financial Action Task Force (FATF) has reported that there are just 58 out of 128 reporting jurisdictions advising that they have implemented any of the updated FATF standards, including the “travel rule.” This reportedly aligns with what CipherTrace has found through their extensive work… Read More

September 9, 2021 @ 8:28 pm By JD Alois  |  

MasterCard (NYSE: MA)  will acquire CipherTrace a top digital asset firm focused on tracking, data, and security, for an undisclosed amount. CipherTrace currently works with many top banks and other financial institutions to provide solutions for some of the largest banks, exchanges, and other financial… Read More

August 22, 2021 @ 12:38 pm By Omar Faridi  |  

On August 18, 2021, hackers managed to steal more than $90 million in over 69 different cryptocurrencies and digital tokens from Japan-based exchange Liquid Global. Liquid’s teams had “yet to release a postmortem detailing the attack vector used by the hacker,” the CipherTrace team noted… Read More

August 9, 2021 @ 8:36 pm By Omar Faridi  |  

Carole House, Director of Cybersecurity with the White House National Security Council, recently discussed online security issues at the FinCrime Virtual Week. Blockchain security firm CipherTrace notes in a recent update that headlines such as the Colonial Pipeline Ransomware attack indicate that cybercrime is “on… Read More

July 8, 2021 @ 8:02 pm By Omar Faridi  |  

On July 5, 2021, the Financial Action Task Force (FATF) had completed its second 12-month review of the implementation of its updated Standards on virtual assets and virtual asset service providers or VASPs. A review from CipherTrace examines how different jurisdictions and the private sector… Read More

July 1, 2021 @ 10:27 am By Omar Faridi  |  

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

July 1, 2021 @ 7:57 am By Omar Faridi  |  

As part of its commitment to compliance, Binance, the world’s largest crypto exchange that has been under investigation by US regulators and other international authorities due to allegations of engaging in recognized markets without authorization (and also contributing to money laundering and other illicit activities),… Read More

June 17, 2021 @ 7:26 am By Omar Faridi  |  

On June 7, 2021, the US Department of Justice announced that they had managed to seize 63.69 BTC (valued at around $2.5 million) of the 75 BTC ransom Colonial Pipeline was forced to pay to DarkSide. This ransom recovery is notably the very first undertaken… Read More

May 21, 2021 @ 5:54 pm By Omar Faridi  |  

Sanctions research from blockchain security firm CipherTrace reveals that over 72,000 “unique” Iranian IP addresses have been linked to over 4.5 million “unique” Bitcoin (BTC) addresses. CipherTrace notes that since monitoring sanctions-related IP usage across the Bitcoin (BTC) blockchain network, they’ve been able to identify… Read More

April 17, 2021 @ 11:00 am By Omar Faridi  |  

On April 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 16 individuals and 16 entities for “attempting to undermine and influence the 2020 US presidential election,” blockchain security firm CipherTrace noted in a blog post. CipherTrace also mentioned… Read More

April 13, 2021 @ 11:40 am By Samantha Hurst  |  

Ibanera, a global fintech, announced on Tuesday it has teamed up with cryptocurrency intelligence company CipherTrace to enhance Ibanera’s cryptocurrency Anti-Money Laundering (AML) and Know Your Transaction (KYT) compliance solution. As previously reported, Ibanera’s platform provides account issuance, cross-border transfers, and currency exchange services to both… Read More

April 11, 2021 @ 7:50 pm By Omar Faridi  |  

Cryptocurrency intelligence firm CipherTrace is reportedly using Chainlink to release CipherTrace DeFi Compli: a compliance solution enabling decentralized or non-custodial exchanges (DEXs) and other DeFi apps to adhere to the Office of Foreign Assets Control (OFAC) sanctions requirements. As part of its decentralized finance (DeFi)… Read More

March 21, 2021 @ 11:19 pm By Omar Faridi  |  

Blockchain security firm CipherTrace has provided an analysis on the proposed Financial Action Task Force (FATF) guidance for digital assets and virtual asset service providers (VASPs). On March 19, 2021, global anti-money laundering watchdog, the FATF, released a public consultation for its latest Draft Guidance… Read More

March 12, 2021 @ 12:03 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that its Traveler product has been developed to assist virtual asset service providers or VASPs with adhering to the international “Travel Rule” regulations by securely sharing digital currency transaction details with other “vetted” VASPs. CipherTrace explains that its tools are… Read More

January 26, 2021 @ 9:02 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that during her confirmation hearing on January 19, Dr. Janet Yellen, US President Joe Biden’s pick for Secretary of the Treasury, had said that “many” virtual currencies remain “a particular concern” when it comes to terrorism and criminal financing (and… Read More

January 9, 2021 @ 12:23 pm By Omar Faridi  |  

Blockchain security firm CipherTrace recently explained and discussed the differences between virtual asset service providers (VASPs), money service businesses (MSB), money transmitters, digital asset customers, and how they impact crypto-related compliance measures. CipherTrace noted that cryptocurrency, digital assets, convertible virtual currency, and other terms seem… Read More

December 12, 2020 @ 12:05 pm By Omar Faridi  |  

Blockchain security firm CipherTrace reports that only 22% of banking industry professionals and financial investigators “feel confident” in their ability to accurately identify cryptocurrency -related payments. In a December 9, 2020, CipherTrace-ACFCS Webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” more… Read More