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Encyclopedia

Decentralized Virtual Currencies

Decentralized Virtual Currencies (cryptocurrencies) are distributed, open-source, mathematically-based peer-to-peer virtual currencies that have no central administering authority, and no central monitoring or oversight. Examples include: Bitcoin, Ethereum, Litecoin and Namecoin. Related Articles Are cryptocurrency reclaim cases defining that Bitcoins constitute property? DeFi Webinar: The Fine Line Between ‘Software’ and ‘Service’ Provider DeFi Webinar: Can Blockchain

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Department of Justice (DOJ)

The Department of Justice or ‘DOJ’ is the federal department of the United States of America tasked with “enforcing the law and the administration of justice.” If the DOJ becomes involved in a case rather than for the SEC for instance is a sign that the case has moved further from financial crime such as

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Destination of Funds

Destination of Funds is part of the anti-money laundering process that aims to identify the final destination account of funds. In relation to cryptocurrency AML practices, such as those employed by Coinfirm, it is blockchain addresses that hold or received funds originating from misappropriated wallets, as well as evidencing transaction paths (chains of consecutive transactions) between them. To

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Digital Asset

Digital Assets are any assets that are stored digitally. This could mean photos, videos, files containing messages, spreadsheets, etc. However, the definition has been broadened to become a synonym of cryptocurrencies as more financial institutions have become involved in the market, under ‘financial digital assets’. Non-Fungible Tokens or ‘NFT’s, running on the ERC-721 token standard,

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Distributed Ledger (Shared Ledger)

‘Ledgers’, or put simply, records of activity, were historically maintained on paper, more recently these were transferred to bytes on computers, and are now supported by algorithms in blockchains. They are essentially an asset database that can be shared across a network of multiple sites, geographies or institutions. All participants within a network can have

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E-Discovery

E-Discovery is a set of analyses, typically in relation to litigation or criminal proceedings, that seek to collect, preserve, review, and exchange information in electronic formats for the purpose of using it as evidence. In cryptocurrency fraud cases conducted by investigative analytics by companies such as Coinfirm E-Discovery is aimed to extract blockchain addresses, transactions or private keys from the

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Electronic Money (e-money)

Is an electronic store of monetary value, based on a technological mechanism for holding and accessing fiat currency. The ease of use of e-money has led to the increasing prevalence of this form of fiat currency and the decreasing use of cash in everyday transactions. Whilst e-money is backed by fiat and thus backed by

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Enhanced Customer Due Diligence (EDD)

Enhanced Due Diligence or ‘EDD’ is a KYC process of carrying out further due diligence on customers that may be seen to be more high risk to mitigate regulatory issues. This may be with PEPs or ‘Politically Exposed Persons’, sanctioned entities or individuals or other profiles that fit a higher level of risk category. Additional

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ERC-20

ERC-20 is a token standard based on the Ethereum protocol. It is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow. Due to the standards’s prevalence it has emerged as the most used token standard. There are 6 foremost functions

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Europol

Europol or the ‘European Police Office’ is the EU’s inter-governmental law enforcement agency that allows numerous nation-states to pool resources to combat cross-border crime. Its main goal is to help achieve a safer Europe for the benefit of all EU citizens. In the area of anti-money laundering, Europol provides member states’ law enforcement authorities with operational

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