What used to be done in the early days of cryptocurrency investigations by hand, excelspreadsheets was very time-consuming. I love it when I have a law-enforcement officer come to me and say, ‘What took me three or four weeks, I did it in two or three minutes with your tool.’ That’s rewarding because that’s more time spending chasing the bad guy who’s taking advantage of your platform,” Callahan said while explaining the blockchain investigative tool Qlue that they use to track, trace and monitor blockchain activities.
“Our intelligence, our open-source team is scraping away at the dark web, scraping away at the Internet, looking at public records for illicit transactions, for illicit hashes and putting it into the system so that you can quickly identify and realize, ‘Oh, maybe this is a gamer here that signed up as a gamer or signed up for the Metaverse, but is in contact with a terrorist organization,’ added.
What they do is they kind of just split [the money] out a few more times until they can either park it safely somewhere, put it into a cold wallet, maybe take it off-chain or cash out. And that’s the beauty of the tool we provide. Hopefully, we find those on-and-off ramps, and then we can get law enforcement there, and get them to seize that money and at times, recoup money for victims,” Callahan revealed.
Following the money means ultimately being able to track down the criminals involved in these schemes—selling counterfeit pills is but one of the many crimes committed using cryptocurrencies. Virtual asset providers are vulnerable because they handle money, and they may inadvertently take part in laundering dirty money and become complicit in a crime— something that a reputable exchange or any entity dealing with virtual assets does not need.