Forensic Investigative Report: Sanctioned Blockchain Addresses

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24 May LONDON, UK – Coinfirm – the industry-leading RegTech solutions provider – has compiled a breaking report on Sanctioned Blockchain Addresses. The findings are jaw-dropping.

From on-chain and off-chain analytic techniques in blockchain, Coinfirm’s report indicates that regulators have totally omitted hundreds of addresses from sanctions lists. The findings further identify multiple Virtual Asset Service Providers (VASPs) and cryptocurrency exchanges having received sanctioned funds.

Coinfirm’s investigation – conducted with the use of 5 different tracing methodologies – has identified approximately 1 billion USD of sanctioned funds being laundered without the knowledge of regulators; with up to USD 126 million being laundered through 35 major blockchain services. This glaring oversight on the part of regulators has left obliged entities unknowingly transacting with Specially Designated Nationals and funding the globally destabilizing risks from weapons proliferation.

Individuals and blockchain addresses may find themselves on sanctions lists such as the OFAC (Office for Foreign Assets Control) owing to breaches of international and national laws. The report is currently being distributed to regulators and law enforcement all around the world to aid them in their fight against sanctioned individuals – Coinfirm stands ready and willing to help these agencies with the firm’s three-pronged approach: a world-renowned Anti-Money Laundering platform, forensic fraud investigations and a one-of-a-kind blockchain data ecosystem.

  1. Anti-Money Laundering – a technological platform allowing VASPs and regulators to verify the risk of blockchain addresses, wallets, transactions and counterparties – across over 1500 public and private blockchains and assets – with 270+ high-tech risk detection algorithms, in order to meet all the regulatory obligations in various jurisdictions.
  2. Fraud Investigations – end-to-end investigation and asset recovery services, including a technological breakthrough solution allowing to track all funds reported as illicit in real-time, with use of multiple tracing methods for best evidence.
  3. Data Ecosystem – the network and infrastructure of data collection and data reporting, incentivizing market players to report suspicious activities and allowing victims of crypto fraud from all around the world to report and claim lost funds; by this Coinfirm has created the world’s largest database of actively monitored blockchain entities and events.

In addition to the ‘traditional’ centralized entities of cryptocurrency exchanges, online custodian wallet providers and other ‘destination services’, the report finds a number of DeFi (decentralized finance) services as also being recipients of funds from addresses that should be sanctioned. Whilst few national regulations have as yet come around DeFi, Coinfirm has nevertheless proactively provided an AML/CFT solution tailored to this organizational model – the AMLT Oracle.

The danger of allowing malicious actors to operate with destination services allows them to continue perpetrating grievous crimes and erode the integrity of the financial system, a threat that should not go overlooked. Coinfirm’s global ecosystem of 200+ regulators, financial institutions, crypto exchanges and protocols will be alerted to the significance of the findings.

Collaborating and partnering with Coinfirm assures your organization will receive critical protection against overlooked threats – keeping you forewarned and secure – enabling the efficient commitment of resources to counter risk.

The firm’s industry-leading analytics acts as a strong advocate for cryptocurrency investors harmed by the illegal actions of cryptocurrency thieves, money launderers, and weapons proliferators. Coinfirm is one of the world’s leaders in tracing and locating illicitly obtained cryptocurrency assets associated with nefarious actors.

Contact Coinfirm to work with us today.

To discuss details and findings contained within this report, please contact us via email: marketing@coinfirm.com.

About Coinfirm

Coinfirm is the world leader in blockchain analytics and regulatory technology solutions, creating the foundation for the safe and mass adoption of blockchain and cryptocurrencies. Coinfirm specializes in blockchain AML/CFT services and fraud investigations. It offers the industry’s largest blockchain coverage, supporting over 1,500 crypto assets. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments. In addition to the AML Platform, the company’s services also include Trudatum and Nodes-as-a-Service. Coinfirm is the first firm to offer an AML compliance solution to DeFi in the form of the AMLT Oracle. For more information, visit: https://www.coinfirm.com/

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