Chainalysis‘ intelligence reports on crypto crimes highlight North Korea and Iran
Chainalysis, the New York-based blockchain intelligence firm, has launched a new initiative to provide clarity on the scope of its latest cryptoscope crime analysis.
Released on 4 May, three installments of the company’s new Crypto Currency Intelligence Reports provide information on the mechanisms and routes used for illicit transactions in crypto space.
In launching its new series, Chainalysis says that while none of the entities analyzed in its new summaries are being actively investigated, it is disseminating the information to support the ongoing work of law enforcement, regulators, cyber security companies and compliance professionals.
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The first of Chainalysis‘ reports examines the role played by Black Host, an example of a bulletproof hosting provider, providing web hosting services that preserve anonymity.
Other examples of bulletproof hosting services include, but are not limited to, virtual SIM card providers, VPN providers, and anonymous email providers. They all fit into a set of anonymity services that help protect the privacy of users‘ web presence.
In the case of Black Host, the provider also supports the purchase of crypto currencies for their services, adding another layer of pseudonym protection.
While the privacy concerns of many users are legitimate, Chainalysis notes that, in the case of Black Host, its analysis has identified that its services were used, in May 2018, by a Bitcoin (BTC) address associated with the cyber-criminal group Lazarus Group , which is connected to the North Korean government.
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The second of Chainalysis‘ analysis reports gives clarity on the Iranian cryptoexchanges ecosystem, in particular on a popular local trading platform, the Farhad Exchange.
While many established cryptoexchange sites The News Spy / Bitcoin Billionaire / Bitcoin Gemini / Crypto Genius / Corona Millionaire, such as Localbitcoins, have stopped their operations in Iran for fear of fines for violations of United States sanctions, the national exchanges have continued to operate. This is despite the Central Bank’s promise to crack down on private crypto currency projects in recent years.
Farhad, which supports Iranian rials, WebMoney’s United States dollar and Russian rouble e-currencies, and major crypto currencies, has an active online social networking and education programme for domestic crypto users.
Chainalysis has identified over 20,000 BTC addresses attributed to the exchange, which are involved in over 46,000 transactions. These have reportedly become less active in recent months, and generally maintain a balance of less than 1 Bitcoin. However, they continue to trade as of April 29, and the addresses associated with the platform have received 7,993.09 BTCs and sent 7,978.77 BTCs since 2016.
In its most recent traffic, Farhad has interacted with large cryptoexchanges, as well as higher risk entities, gaming sites and peer-to-peer exchange platforms.