Against the Rules with Michael Lewis cover image

Against the Rules with Michael Lewis

On Background: Bad Actors on the Blockchain

Feb 14, 2023
36:09

Episode guests

Podcast summary created with Snipd AI

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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