Tracing Bitcoin to Organized Crime
Through complex Blockchain tracing and social media investigations, the BFCC financial crime experts linked the Bitcoin wallets of 4 people who defrauded banks of over $2 million, to show they were connected to a known member of organized crime. The case later became a high-profile case in the international news. The BFCC built the Blockchain evidence tracing the movement of funds and digital currencies for law enforcement agency and for a civil forfeiture litigation for a client. The BFCC was able to save digital currency exchanges and banks from millions of dollars in losses from identity theft and fraudulent bank transactions.
Stopping $1.8 million in Cybercrime and Credit Card Fraud
The BFCC financial crime experts identified suspicious financial credit card and Bitcoin transactions on behalf of a client and intercepted a cybercriminal using several fake IDs who attempted to use hundreds of stolen credit card numbers purchased on the dark net to buy $1.8 million in Bitcoin. The team at the BFCC alerted the affected parties involved and prevented millions of dollars of international credit card fraud from occurring.
Identifying a Wanted Person in the EU
After monitoring large cash transactions on behalf of a client, the financial crime team at the BFCC through its investigations, identified the person as wanted in the EU for money laundering who was living in another country. The BFCC team traced the Bitcoin transactions to several international digital currency exchanges to help locate the proceeds of crime. Through its efforts, the BFCC helped locate a person wanted in another country and was able to assist the client take steps for anti-money laundering compliance to de-risk and report.
Trade-Based Money Laundering on the Blockchain
The BFCC financial crime team identified what is believed to be one of the first known trade-based money laundering scheme involving digital currencies, locating a series of financial transactions on the Blockchain involving a link to a government-run university in a sanctioned country and a person in another country who purchased $5 of Bitcoin for over $800,000. The BFCC helped to prevent sanctions transactions from occurring and assisted the client to de-risk and take steps to report.
Litigation to Assist a Corporation Recover Bitcoin
The BFCC was lead investigator and financial crime tracing experts in a civil litigation when a company sued to recover what may amount to $7 million in digital currency allegedly taken from digital currency wallets by insiders. This high-profile case was also the first instance of Blockchain financial transactions being accepted as conclusive evidence in a Supreme Court in Canada, based on the expert testimony of the members of the BFCC team.
Addressing the Opioid Crisis Through Digital Currencies
The team at the BFCC helped to develop Blocklist, a database that tracks and reports Bitcoin wallets associated with drug trafficking and serious financial crime, to address the fentanyl crises and help to block payments using digital currencies.