Tracing Bitcoin and other cryptocurrencies

Cybertrace investigators and cryptocurrency analysts are excited to announce the launch of a new product: Cryptocurrency Tracing. Cybertrace is the first company in Australia to offer Bitcoin and other cryptocurrency tracing to the public.

Cybertrace has the capability of tracing over 800 different types of cryptocurrencies. Tracing Bitcoin will likely be the most in demand due to the coin’s popularity.

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Why trace cryptocurrencies?

So you may be thinking, why would someone need to trace cryptocurrencies? Well, we are seeing a huge number of Australians falling victim to cryptocurrency fraud and other financial fraud where the offenders are obtaining funds through cryptocurrencies. 

Some individuals have lost thousands of dollars, whilst others have lost millions! We have already been helping our clients by undertaking technical investigations of fraudulent websites and trading platforms to identify the offenders. However, tracing the cryptocurrencies offers a new means of identifying the offenders and locating the victim’s funds.

Can cryptocurrencies actually be traced?

Criminal syndicates love cryptocurrencies and they seem to think they are untraceable. However, this could not be further from the truth. Cryptocurrencies, which are part of blockchain technology, are the most transparent currencies in the world. Every transaction, ever, is recorded and is publicly visible.

Most cryptocurrencies use a decentralized system, meaning there is no central bank or financial institution managing the transactions. Instead, blockchain technology uses a peer-to-peer system and all transactions are recorded, stored and publicly accessible.

How does blockchain technology work?

Blockchain technology can be described as a public ledger, showing all transactions in a large database. Unlike a centralised financial system, where identification is required for an individual to open a bank account and banks are aware of what funds go to whom, where and when, cryptocurrencies have less strict requirements for verifying a person’s identity. It is possible to have a cryptocurrency wallet which is anonymous, and it is possible to transact cryptocurrencies anonymously.

Cryptocurrency wallet addresses themselves do not offer any insight into the wallet’s owner. Anyone can easily obtain a cryptocurrency wallet without providing any proof of identification. Individuals can also conduct transactions without showing any ID. However, exchanging cryptocurrencies anonymously is becoming more difficult due to governing bodies becoming stricter on exchanges which allow people to exchange cryptocurrencies without verifying identification.

Why engage Cybertrace’s services?

So, if all transactions are publicly recorded, why do you need to engage Cybertrace to trace cryptocurrencies? Whilst the records are publicly accessible, it can be highly complex and time-consuming to successfully trace Bitcoin and other cryptocurrencies. Our team of investigators and cryptocurrency analysts have been honing their skills at tracing cryptocurrencies through the blockchain and are able to identify where funds linked to fraudulent activity are exchanged.

Cybertrace is excited about this new opportunity and will be able to trace over 800 different coins and digital currencies including the most popular, such as Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Tether (USDT), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), EOS (EOS), Binance Coin (BNB) and Tezos (XTZ), just to name a few!

If you are a victim of cryptocurrency fraud, contact us today to discuss how our tracing services can help you.


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