CipherTrace guides investigators on where to search for bitcoin stashes

CipherTrace, an analytics company, developed special recommendations to help law enforcement identify signs of Bitcoin and other cryptocurrencies’ usage.

Analysts say that criminals’ shift to digital assets is indicated by the decline in cash seized during investigations.

“The signs of cryptocurrency usage may be overlooked by investigators who do not know what to look for,” CipherTrace said.

To conduct more effective investigative work, analysts recommend carefully examining the apps installed on seized phones. Attention should be drawn to popular cryptocurrency exchanges or wallets.

Authenticator apps are standard practice for protecting accounts on cryptocurrency exchanges. The information contained in them can also provide clues for investigators.

Law enforcement should pay attention to old computers, papers, and the so-called pocket litter. In these seemingly unlikely places, private keys to cryptocurrency wallets may sometimes be stored.

CipherTrace urges law enforcement to look carefully for signs of cryptocurrency use in cases where criminals ignore cash.

Earlier this year, CipherTrace developed a tool for the U.S. Department of Homeland Security to track transaction flows on the Monero network. The company says this is the first solution of its kind.

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