Mapping Crypto-Related Crime With Chainalysis

In this episode, Anna Baydakova and Danny Nelson speak with Kim Grauer, head of research at Chainalysis, about the blockchain analytics firm’s 2021 “Crypto Crime Report,” how to locate where scammers send their money, and the state of crypto regulation and adoption.

The report, released in February, maps out major crime types associated with cryptocurrencies: crypto scams, ransomware attacks and money laundering, among others. Kim Grauer explains how Chainalysis comes to its conclusions about the geography of crypto transactions, what cyber crimes were on the rise in 2020 and why transaction-tracking software hates mixers.

Also, we discuss Sandali Handagama’s report about a startup that helps savings groups in Africa, and particularly in Nigeria, to invest in stablecoins and protect against inflation of their national currencies. In Africa, many people don’t have access to banking services, and instead, they do collective savings. Could crypto make this practice easier?

On the regulatory front: European crypto firm Bitcoin Suisse has failed in its bid to win a banking license. FINMA, the Swiss financial regulator, on Wednesday rejected Bitcoin Suisse’s charter application on grounds the company had weak anti-money laundering defenses. Bitcoin Suisse has been working with banks and regulators in Switzerland for years now, but looks like it’s not enough.

Stories mentioned in this episode:

• Chainalysis: The Chainalysis 2021 Crypto Crime Report
• CoinDesk: Nigerians Turn to Stablecoins for Protection Against Inflation
• CoinDesk: Stellar Development Foundation Invests $750K in Nigeria Remittance Platform
• CoinDesk: Swiss Crypto Firm Bitcoin Suisse Turned Down on Banking License
• CoinDesk: EU Regulators Warn Again on Crypto Investment Risks

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