In response to the increasing prevalence of cryptocurrency fraud and the growing need for recovery solutions, we are proud to announce the launch of the Crypto Crime Investigation (C.C.I). With the rise of digital currencies, the anonymity and decentralized nature of transactions have made it easier for criminals to exploit unsuspecting investors. C.C.I aims to combat these challenges through innovative strategies and a dedicated team of experts focused on crypto crime investigation and asset recovery.
As the cryptocurrency market continues to flourish, so too does the risk of fraud. Scams, hacks, and deceptive investment schemes have caused significant financial losses for countless individuals and businesses. C.C.I is committed to protecting these victims and restoring their lost assets through advanced investigative techniques and collaboration with law enforcement agencies.
However, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) recently sanctioned Tornado Cash for its role in laundering over $455 million worth of cryptocurrency stolen from Axie Infinity. Since then, Lazarus Group has moved away from the popular Ethereum mixer, instead leveraging DeFi services to chain hop, or switch between several different kinds of cryptocurrencies in a single transaction. Bridges serve an important function to move digital assets between chains and most usage of these platforms is completely legitimate. Lazarus appears to be using bridges in an attempt to obscure source of funds. With C.C.I tools these cross chain funds movements are easily traced.
We can use C.C.I to see an example of how Lazarus Group utilized chain-hopping to launder some of the funds stolen from Axie Infinity:
Above, we see that the hacker bridged ETH from the Ethereum blockchain to the BNB chain and then swapped that ETH for USDD, which was then bridged to the BitTorrent chain. Lazarus Group carried out hundreds of similar transactions across several blockchains to launder the funds they stole from Axie Infinity, in addition to the more conventional Tornado Cash-based laundering we covered above.
Transparency and collaboration are key
Cryptocurrency’s transparency is instrumental to investigating hacks like the one suffered by Axie Infinity. Investigators with the right tools can follow the money to understand and disrupt a cybercrime organization’s laundering activities. This would never be possible in traditional financial channels, where money laundering usually involves networks of shell companies and financial institutions in jurisdictions that may not cooperate.
Even so, these seizures would not have been possible without collaboration across the public and private sectors. Much of the funds stolen from Axie Infinity remain unspent in cryptocurrency wallets under the hackers’ control. We look forward to continuing to work with the cryptocurrency ecosystem to prevent them and other illicit actors from cashing out their funds.
“Our mission at Crypto Crime Investigation Agency is to empower victims of crypto fraud by providing them with the tools and support they need to reclaim their assets,” stated John Smith, CEO of C.C.I. “We are dedicated to building a safer cryptocurrency ecosystem and ensuring that fraudsters are held accountable for their actions.”
As we launch C.C.I, we invite individuals and businesses affected by crypto fraud to reach out for assistance. Together, we can take a stand against cybercrime and foster a more secure environment for cryptocurrency investment.
For more information on C.C.I’s cryptocurrency scam recovery services or to access the resource hub, please visit [www.cryptocrimeinvestigation.com] or contact us directly at info@cryptocrimeinvestigation.com
About Crypto Crime Investigation (C.C.I):
Crypto Crime Investigation is a leading firm specializing in the investigation and recovery of assets lost to cryptocurrency scams. With a team of seasoned experts, C.C.I is dedicated to providing victims with the support and resources they need to navigate the complexities of crypto crime. Our commitment to justice ensures that we stand by our clients every step of the way.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Clear Insight Research journalist was involved in the writing and production of this article.