Against the Rules with Michael Lewis
On Background: Bad Actors on the Blockchain
Feb 14, 2023
Andy Greenberg, a senior cybersecurity writer for WIRED and author of "Tracers in the Dark," dives into the dark side of cryptocurrency. He explores how investigators navigate the blockchain to trace illicit activities, revealing the irony that a technology born for anonymity now aids in uncovering crime. Greenberg discusses the FTX heist, the ethics of anonymity, and the surprising challenges law enforcement faces. He also highlights the transformation of public perception about cryptocurrency's traceability, suggesting the future for bad actors is increasingly grim.
36:09
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Quick takeaways
- Despite the belief that cryptocurrency transactions are untraceable, researchers and companies have developed techniques to cluster and trace Bitcoin addresses, highlighting the traceability of cryptocurrency transactions.
- The growth of illicit commerce using crypto has led to the emergence of data geeks and law-enforcement experts who employ tracing techniques to uncover criminal activity and apprehend perpetrators.
Deep dives
Cryptocurrency traceability and illicit activity
The podcast episode discusses how the transparency and decentralization of blockchain technology in cryptocurrency were believed to make it safer for traders and investors. However, it also made it easier for bad actors to hide illicit activity. Chainalysis estimated $14 billion worth of shady dealings in cryptocurrency in 2021 alone. The episode explores the growth of illicit commerce using crypto and the methods used by cyber investigators to trace cryptocurrency crimes.
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