During an August 4th session on cryptocurrency compliance, metrics identified recent shifts in public perception of the industry, citing the arrests within weeks of the Twitter hack as an example of how effective blockchain analytics could solve crime can.
This board is part of an ongoing series by the Association of Certified Financial Crime Professionals.
Twitter and Law Enforcement
Paxful Chief Compliance Officer Lana Schwartzman said of the Twitter hack, “It’s just amazing how different this is from what we see in the world of traditional endorsement. It will never be resolved anytime soon.”
Coinbase Chief Compliance Officer Geoff Horowitz also agreed on Twitter that this is part of a changing narrative about cryptocurrencies: “The story is quickly changing to” How can you connect cryptocurrencies with law enforcement to pursue this issue ? “”
Overall, an increase in institutional comfort and interest
Horowitz went on to describe major improvements in regulation and cryptocurrency talks over “perhaps the last year or two”.
Jonathan Levine, co-founder of Chainalysis, a company that tracked Bitcoin in the Twitter hack of 17-year-old Graham Clark, compared an estimate of $ 10 million in Bitcoin daily to the total amount on the blockchain is on the move: “More than a billion dollars are being made. They are transferred to the Bitcoin blockchain weekly, so this is still a very small amount compared to the amounts transferred on the blockchain.
Levin said the institutions are very much involved in evaluating the adoption of cryptocurrencies, but noted, “This is not a time or if so, this is it.” A public survey during the session found that the lack of regulatory alignment is the main obstacle for financial institutions working with cryptocurrencies.
Levin also spoke at length about the famous Lazarus group in North Korea as a law enforcement example to learn more about crypto technologies. It was only in March that the US Treasury Department imposed sanctions on two Chinese citizens and the associated wallets for cryptocurrencies for providing the Lazarus group with ramps with stolen cryptocurrency.