Forensic Update

Reflections on information management within the legal and regulatory arena

Today’s #GoodGuysPrevail Update…

Posted by Johnny Lee on February 9, 2022

Today’s #GoodGuysPrevail Update: The U.S. Department of Justice announced yesterday that last week it seized $3.6B USD in #bitcoin stolen from the Bitfinex platform in 2016. As with many of these prominent fraud cases, there is much to un-pack here — ranging from remarkably diligent investigative work to complex #digitalforensics to the effective deployment of the prosecutor’s “gatekeeper liability” playbook.

This story is only now coming to light, but what seems clear to me is that this investigation will inform future prosecutions for years to come. The accused employed numerous sophisticated techniques to attempt to launder these funds, but the investigative team nonetheless was able to use Bitcoin’s public #distributedledger to trace these assets and to achieve this recovery.

Another interesting point related to this prosecution is the valuation component. While this marks the largest financial seizure in DoJ history, it’s fascinating to note that the #assetvalue at the time of the theft (2016) was around $70M USD.

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#justice #digitalassettracing #digitalassetrecovery #crypto #cryptocurrency #satoshi #distributedledger #forensicanalytics #datascience #assettracing #assettracking #assetrecovery

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