Led by the IRS Criminal Investigation branch, federal agents seized more than $3.6 billion in stolen Bitcoin last week, resulting in its largest seizure ever. Tracking the 119,754 Bitcoin stolen in 2016 from Hong Kong’s Bitfinex currency exchange across several continents, thorough the dark web and many transfer schemes was an amazing feat that says as much about the skill of U.S. law enforcement as it does the breadcrumb trails left by cryptocurrency. Engineered to be traceable (some say transparent), blockchain does offer a degree of anonymity that makes it attractive to crime. Continue reading Feds Mine Crypto Trail and Find $3.6 Billion in Stolen Bitcoin

The U.S. Treasury Department has issued guidelines specifying how to ensure virtual currency transactions comply with the government’s sanctions policies, a move by the Biden administration to thwart ransomware attacks, money laundering and other abuses. The new rules emphasize using geolocation tools that block IP addresses from sanctioned countries, ongoing monitoring of sanctioned entities and individuals and periodic review of transactions involving blacklisted virtual currency addresses. Treasury’s Financial Crimes Enforcement Network has had virtual currency rules in place since at least 2011, but this update gives the directives new teeth. Continue reading Treasury Issues Crypto Guidance for Sanctions Compliance