Chainalysis Blog

Black Host is a Switzerland-based bulletproof hosting provider, meaning it allows customers to use its services anonymously and is generally lenient on the content it allows customers to host. Like many other internet anonymity services, Black Host accepts Bitcoin. While providing these services is legal, an analysis of Black Host’s transaction history reveals that a cryptocurrency address likely belonging to Lazarus Group or an associated actor sent Bitcoin to Black Host. Download the full Intel Brief to see the evidence for yourself, including addresses, transaction hashes, and a Chainalysis Reactor graph you can use to trace the flow of funds. Learn More...

At first glance, FutureNet appears no different from any other cryptocurrency-based Ponzi scheme. Victims pay into the scam based on promises of large returns, and are told they can make even more money by recruiting their friends as well. But upon further investigation, FutureNet appears to have its own infrastructure of purpose-built shell companies to facilitate cryptocurrency payments to and from victims. Download the full Intel Brief to see how blockchain analysis and evidence from open source intelligence lead us to this conclusion, and learn what it could mean for the wider cryptocurrency ecosystem. Learn More...

With Iran’s Central Bank voicing its intention to pursue cryptocurrency projects aimed at getting around sanctions, many exchanges such as LocalBitcoins have stopped offering service to Iranian users to limit their exposure to possible sanction violations. But while Iran is cut off from many international exchanges, local exchanges continue to operate in the country, drawing scrutiny from U.S. and international regulators. For this reason, it’s crucial to understand how Iranian exchanges interact with the international cryptocurrency ecosystem, and especially their exposure to regulated exchanges. In this intelligence brief, we provide an overview of one of Iran’s more popular local exchanges: Farhad Exchange. Learn More...

Covid-19 has already had a major impact on cryptocurrency activity, both legal and illegal. Last week, we shared data and analysis on how the pandemic has affected scamming specifically, concluding that while it’s given some scammers new material for fooling victims, it’s caused significant decreases to cryptocurrency scam revenue overall. But while scams make up the majority of criminal activity in cryptocurrency, ransomware may be the biggest concern in this ongoing public health crisis. Learn More...

Media outlets and governments around the world have warned of scammers taking advantage of the Covid-19 crisis. It’s a worrisome prospect. With an ongoing public health emergency — not to mention the accompanying economic downturn — most of us would rather focus on staying safe than guarding against scams. The thought that some would seek to profit by taking advantage of the vulnerable at a time like this is also disconcerting. Learn More...

Cryptocurrency is always changing, which means crypto crime is too. We’ve got the info you need to stay ahead of the curve. Our latest report has original research and case studies on the trends shaping law enforcement and compliance for cryptocurrency in 2020, including the evolution of darknet markets and what it means for law enforcement, the role OTC desks play in money laundering and how it affects exchanges, the cryptocurrency scams that netted criminals billion, and more! Learn More...