Blockchain & Cryptocurrency , Cryptocurrency Fraud , Fraud Management & Cybercrime

Cryptocurrency Cybercrime Challenge: Curbing Illicit Use

What's Ahead as Investigators Battle Criminal Usage - via Ari Redbord of TRM Labs
Ari Redbord, head of legal and government affairs, TRM Labs

The U.S. government and international partners are continuing to target the illicit use of cryptocurrency - aka crypto - by pursuing "cryptocurrency businesses that do not have the compliance controls in place necessary to mitigate the risks of illicit activity," says Ari Redbord, head of legal and government affairs at TRM Labs.

See Also: Mobile App Friction Report: Crypto Edition - Onboarding

Recent examples include the Treasury Department targeting cryptocurrency exchanges Suex and Chatex, while law enforcement authorities continue to arrest individuals accused of providing bitcoin tumbling or mixing services for money laundering purposes.

"This is not a crypto problem," Redbord says. "Crypto is just a payment mechanism. But we have to stop bad actors from abusing this new financial system."

In a video interview with Information Security Media Group, Redbord also discusses:

  • How cryptocurrency is being used as a criminal payment method - and what the government and law enforcement agencies are doing to mitigate the risk;
  • The ability of investigators to "follow the money" when tracing criminal transactions;
  • What the future holds for criminal usage, sanctions and investigations.

Redbord is the head of legal and government affairs at blockchain intelligence company TRM Labs. Prior to joining TRM, he was senior adviser to the deputy secretary and the undersecretary for terrorism and financial intelligence at the Department of the Treasury.


About the Author

Mathew J. Schwartz

Mathew J. Schwartz

Executive Editor, DataBreachToday & Europe, ISMG

Schwartz is an award-winning journalist with two decades of experience in magazines, newspapers and electronic media. He has covered the information security and privacy sector throughout his career. Before joining Information Security Media Group in 2014, where he now serves as the executive editor, DataBreachToday and for European news coverage, Schwartz was the information security beat reporter for InformationWeek and a frequent contributor to DarkReading, among other publications. He lives in Scotland.




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