Public Key

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The Chainalysis 2024 Crypto Crime Report Review Mar 04, 2024

Show notes

The highly anticipated Chainalysis 2024 Crypto Crime Report is being downloaded worldwide and Ian Andrews (CMO, Chainalysis) speaks to the driving forces behind the report, Eric Jardine (Cybercrimes Research Lead, Chainalysis) and Kim Grauer (Director of Research, Chainalysis) to talk about what groundbreaking data they uncovered.

The trio dive into the most surprising and interesting trends discovered during their research, including the resurgence of Tornado Cash, the increase in ransomware attacks, the decline in stolen funds from crypto platforms and the use of stablecoins in illicit activities.
Eric also goes in depth about the evolving landscape of Darknet markets and Kim highlights the prevalence of market manipulation and how more data is moving on-chain with respect to ransomware-as-a-service infrastructures.

The conversation also explores the impact of sanctions on crypto activities, the effectiveness of law enforcement interventions and the ongoing challenges in tracking and preventing scams in the cryptocurrency space.

Minute-by-minute episode breakdown

(1:35) - Surprising resurgence of Tornado Cash, record high ransomware payouts and hacking declining
(4:20) - Ransomware reaching an all-time high of over a billion dollars
(12:50) - Dynamic ecosystem of ransomware actors and the adaptability of strains
(18:50) - Debate on whether DeFi platforms are getting safer or if hacking them is becoming less lucrative
(24:21) - Stablecoins now account for 60% of overall transactional activity but increased usage for illicit activity and sanctions evasion
(27:50) - Discussion on the effectiveness of sanctions as a tool in the crypto world and the uptick in Tornado Cash usage
(32:25) - Shifts and developments in the Darknet market ecosystem
(37:38) - Market manipulation and pump and dump schemes on newly minted tokens

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Eric Jardine (Cybercrimes Research Lead, Chainalysis)
Kim Grauer (Director of Research, Chainalysis)

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Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

Uncovering the World of Seized Digital Assets Feb 26, 2024

Show notes

Whether it is seizing restaurants, hotels, cars or Bitcoin, our guest, Joanna Summers, Chief Recovery Officer of Asset Reality, has done it all with over a decade of experience working in both the public and private sector on complex asset forfeitures.
In this episode, Ian Andrews (CMO at Chainalysis) speaks to Joanna about developing asset forfeiture programs for countries all over the world and working with the Asset Reality team on their new platform to streamline the asset seizure process.
Joanna shares her history at the US Marshal Service Asset Forfeiture Division and how cryptocurrency slowly started to play a bigger role in investigations and seizures, including major cases like Silk Road.
Joanna also explains why she has recently taken on a role as an ambassador for the Association for Women in Crypto and the importance of having women's voices in the tech and crypto sector be amplified.

Minute-by-minute episode breakdown

(2:15) - The role of asset forfeiture and the process of seizing and selling complex assets
(6:40) - Joanna's first encounter with cryptocurrency during 2013 Silk Road investigation
(8:55) - Joining Asset Reality and helping countries improve their asset forfeiture programs
(13:13) - The Financial Action Task Force (FATF) focus on global asset recovery
(17:21) - The digital asset recovery procedures and importance of moving crypto quickly into law enforcement controlled wallets
(21:40) - The emergence of pig butchering scams and how to protect consumers
(26:15) - Joanna’s role as an ambassador for the Association for Women in Crypto

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Joanna Summers (Chief Recovery Officer, Asset Reality)

Everything You Need To Know About Stablecoin Regulation Feb 19, 2024

Show notes

Stablecoin regulations have been slowly popping up around the world and in this episode, Ian Andrews (CMO, Chainalysis) speaks to the newly appointed Vice President and Deputy General Counsel, Global Policy at Circle, Corey Then and our very own policy expert, Caroline Malcolm to discuss stablecoin regulation, USDC’s integration into international markets and the threat of de-dollarization.
Corey explains how USDC works and its role in the digital asset ecosystem, as well as Circle's business model and how it differs from other stablecoin issuers.
Corey and Caroline simplify the global regulatory landscape for stablecoins and discuss the importance of regulatory harmonization and the need for the US to enact payment stablecoin legislation, while maintaining high standards for AML/CFT requirements.
They also touch on the competition between stablecoins and Central Bank Digital Currencies (CBDCs), as well as the potential for stablecoins to facilitate dollarization in economies facing high inflation or restrictive capital controls.

Minute-by-minute episode breakdown

(2:00) - Overview of how USDC works and Circle's business model
(4:40) - Progress in the regulation and standards for stablecoins globally
(6:50) - Circle's role in leading stablecoin policy and increasing regulation concerns in USA
(19:50) - The emergence of BRICS and how does that impact global stablecoin ecosystem and industry players
(25:21) - Grassroots adoption of cryptocurrency and stablecoins in markets with high inflation and capital controls
(30:50) - Importance of following AML and CFT regulations for stablecoin issuers

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Corey Then (Vice President and Deputy General Counsel, Global Policy, Circle)
Caroline Malcolm (Vice President, Global Public Policy, Chainalysis)

The Future of Early-Stage Blockchain Investing Feb 12, 2024

Show notes

“We invest in two people and an idea” is not a statement we heard much during the downturn in the crypto market, but in this episode, Ian Andrews (CMO, Chainalysis) speaks with Alon Goren (Founding Partner, Draper Goren Blockchain) explains why him, Tim Draper and their partners are bullish on web3 projects even without product market fit and sometimes even without a product.
Alon talks about the launch of their new venture studio and the exciting opportunities in the current blockchain and crypto market, especially their passion for early-stage investing and the importance of finding founders who are truly passionate and dedicated to their ideas.
He also highlights two companies in their portfolio, LunarCrush and Ownera, that are making waves in the industry from social media analysis on markets and bringing interoperability to the emerging real world asset tokenization market.
They also discuss the potential of blockchain technology to revolutionize various traditional industries, the accredited investor rules in the USA and how it creates a more decentralized and inclusive financial system.

Minute-by-minute episode breakdown

(2:15) - Reasons for launching a blockchain venture studio during current market conditions
(4:40) - Focus on early-stage companies and finding truly passionate founders
(12:30) - Adding value as an investor and passion about decentralization
(20:16) - Challenging the accredited investor rule and its place in the modern era
(25:13) - Involvement in Lunar Crush and their unique approach to analyzing social sentiment in crypto
(32:21) - Discussions about Ownera and its role in interoperability in tokenization

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

DGB Website: Draper Goren Blockchain: Your partners for the decentralized future.
LunarCrush Website: Social media impacts markets: Gain an edge with access to real-time social and market data.
Ownera Website Interoperability, Distribution & Liquidity for the Global Tokenization Market
DGB Portfolio Companies: Including Companies: Aivre, Hypermarket, Poser, Xoop and many more
Press Release: Draper Goren Blockchain Launches New Venture Studio & General Partnership to Accelerate and Incubate Web3 Startups
Event: Chainalysis Links Conference NYC 2024 (Apr. 9-10, 2024) - New Training Sessions Added
Blog: Ransomware Payments Exceed $1 Billion in 2023, Hitting Record High After 2022 Decline
YouTube: Chainalysis YouTube page
Twitter: Chainalysis Twitter: Building trust in blockchain
Tik Tok: Building trust in #blockchains among people, businesses, and governments.
Telegram: Chainalysis on Telegram

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Alon Goren (Founding Partner, Draper Goren Blockchain)

Stopping Pig Butchering and Crypto Scam Epidemic Feb 05, 2024

Show notes

Investment schemes, pig butchering and romance scams are plaguing the crypto industry and in this episode Ian Andrews (CMO, Chainalysis) finds out from Nicola Staub (CEO and Co-Founder, CYBERA) how the crypto industry can fight back.
Nicola discusses CYBERA's mission to combat crypto scams and fraud by providing a platform for victims to report incidents and for financial institutions, crypto exchanges and law enforcement to share information and data.

Nicola emphasizes the importance of speed in preventing and recovering assets lost to scams and highlights the role of financial institutions and messaging and dating app service providers in the fight against fraud.

He warns the industry about the growing use of AI by scammers and the need for a collaborative approach to combat the use of deepfakes in crypto scams.

Minute-by-minute episode breakdown

(2:15) - Nicola's background as a prosecutor and passion for fighting scams led to CYBERA
(6:40) - Lack of resources and technology in law enforcement
(8:25) - The scale of CYBERA’s impact and partnerships
(12:27) - Shift in fraud methods, from wire transfers to business email compromise and investment scams
(17:50) - CYBERA’s approach to information sharing and prevention
(22:21) - Differentiating CYBERA from crypto recovery companies
(31:50) - The impact of AI on scams and deepfakes

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: CYBERA:Intelligence for Impact - Premier Scam Reporting and Asset Recovery Platform
Blog: Glossary of Scams
Blog: FAQs: Learn about how CYBERA solves common, yet complex, scams.
Article: CYBERA helps 9200 scam victims and recovers $4.3M stolen by scammers
Article: AI Deep Fakes and Crypto Scams
Event: Chainalysis Links Conference NYC 2024 (Apr. 9-10, 2024) - Early Bird Pricing On Now!
YouTube: Chainalysis YouTube page
Twitter: Chainalysis Twitter: Building trust in blockchain
Tik Tok: Building trust in #blockchains among people, businesses, and governments
Telegram: Chainalysis on Telegram

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Nicola Staub (CEO and Co-Founder, CYBERA)

The Rise of Malicious DApps in Web3 Jan 29, 2024

Show notes

When Ian Andrews (CMO, Chainalysis) was recording this episode with Raz Niv (Co-founder and CTO, Blockaid) back in December of 2023, the web3 industry was on full alert due to a Ledger supply chain attack. Blockaid was first to break the news and this episode talks about the attack as it unraveled and how they are working to keep web3 secure.
In this episode, Raz expresses Blockaid’s mission to provide security tools for web3 builders and protect users from malicious d’apps, wallet drainers, address poisoning and suspicious transactions and connections, particularly in the realm of scams, phishing, and hacks.
Raz discusses the company's partnerships with major players in the ecosystem, such as MetaMask and OpenSea, and how their technology is providing real-time indications of potential risks and malicious activity in web3.

Minute-by-minute episode breakdown

(2:15) - Introduction to Blockaid and the problem of security in Web3
(4:05) - Raz's background in Israeli Cyber intelligence units and interest in Web3
(6:40) - 1 in 10 dApps are malicious, data collection and trends
(10:25) - Blockaid's backend architecture and data sources
(12:27) - Ledger supply chain attack and explanation of how similar attacks work
(15:50) - Highest fund loss per capita in Web3 than any other industry
(19:45) - Blockaid's role in MPC wallet architecture
(23:02) - Privacy considerations and data collection by Blockaid
(26:35) - Address poisoning attack and its dangers
(28:44) - Blockaid's plans to improve detection and expand integrations

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Raz Niv (Co-founder and CTO, Blockaid)

Everything you Need to Know About Spot Bitcoin ETFs Jan 22, 2024

Show notes

Hooray !! Spot Bitcoin ETFs are finally approved by the Securities Exchange Commission (SEC) in what is being called a watershed moment for crypto. Now what happens?
In this episode, Ian Andrews (CMO, Chainalysis) sits down with Jeffrey Billingham (Strategic Initiatives, Chainalysis) who has been watching the Bitcoin ETF situation unfold since the Winklevoss twins first filed for a bitcoin (BTC) exchange-traded fund (ETF) in July 2013.
Jeff and Ian delve into the significance of these ETFs, explaining how they simplify access to bitcoin as an asset class and eliminate the technological hurdles of owning and transacting with cryptocurrency.
Jeff also explores the difference between spot and futures ETFs, the role of custodians and authorized participants, and the impact of surveillance-sharing agreements on market manipulation concerns.
They cover the immediate impact of these ETFs on the trading volume of Bitcoin and hypothesize on the future of ETFs and the potential for asset tokenization.

Minute-by-minute episode breakdown

(2:13) - Overview of the launch of Bitcoin ETFs and significant trade volume
(4:43) - Explanation of what an ETF is and its significance of it being a Spot Bitcoin ETF
(9:20) - Understanding ETF stakeholders like authorized participants, sponsors and custodians
(11:40) - Impact of cash model for ETF transactions and hope for future in-kind transactions
(15:24) - Regulatory concerns about market manipulation and fraud
(18:23) - Surveillance-sharing agreements and increased transparency to secure SEC approvals
(20:51) - Maturation of crypto as an asset class and its implications on original Bitcoin ethos
(24:05) - Potential influence of ETFs on real-world asset tokenization
(26:18) - Expectations for the future of ETFs

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Jeffrey Billingham (Strategic Initiatives, Chainalysis)

The Regulatory Landscape of Crypto Hedge Funds Jan 15, 2024

Show notes

Has Dubai’s crypto regulatory licensing process become the most stringent in the world?

In this episode, Ian Andrews (CMO, Chainalysis) gets the answer from crypto media personality and thought leader, Henri Arslanian (Co-Founder and Managing Partner, Nine Blocks Capital Management)
Henri discusses the recent news of Nine Blocks Capital becoming the first licensed crypto hedge fund in Dubai and stresses the stringent regulatory framework put in place by the Virtual Asset Regulatory Authority (VARA).

He also shares his insights on the challenges and opportunities faced by crypto asset managers during market downturns and the growing role of stablecoins and DeFi in the industry.
Ian concludes the conversation with grading Henri’s Top 10 crypto predictions for 2023 and his thoughts on the metaverse, crypto gaming and the need to utilize some of TradFi’s best practices.

Minute-by-minute episode breakdown

(2:10) - Discussion of NineBlocks Capital's licensing by VARA (Virtual Asset Regulatory Authority) in Dubai
(3:58) - Dubai's transformation into a crypto hub and the strict regulatory oversight
(8:40) - NineBlocks' success in attracting investments and achieving growth in crypto industry during a downturn in the market
(14:25) - Managing risk and counterparty exposure in trading strategy and broader crypto ecosystem
(21:27) - Future debate on privacy and transparency in crypto transactions
(25:50) - Concentration and counterparty risk in the crypto ecosystem
(29:45) - Hong Kong's resurgence and its position in Asia's crypto scene
(32:02) - Recap of Henri’s 2023 top 10 crypto predictions
(33:35) - Predictions on TradFi best practices, CBDCs and stablecoins as safe haven
(35:44) - Predictions on Ethereum domination, regulatory tsunami and growth of DeFi
(39:29) - Prediction on lack of crypto gaming surge, global metaverse strategies and self custody make a comeback and NFTs become more mainstream

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website (Henri - Personal): Learn about Bitcoin, NFTs, DeFi & the Future of Money
Website (Nine Blocks Capital): The leading institutional grade crypto asset management firm
Podcast: The Future of Money Podcast (with Henri Arslanian)
Article: Special Issue: My Top 10 Crypto Predictions for 2023
Newsletter: The Chainalysis 2023 Crypto Crime Report (Available Now)
Book: The Book of Crypto: The Complete Guide to Understanding Bitcoin, Cryptocurrencies and Digital Assets (Available Now)
Event: Chainalysis Links Conference NYC 2024 (Apr. 9-10, 2024) - Early Bird Pricing On Now!
LinkedIn Post: Compromise of the SEC's official X/Twitter account
Blog: Executive Corner: Welcoming Omesh Agam as CISO
YouTube: Chainalysis YouTube page
Twitter: Chainalysis Twitter: Building trust in blockchain
Tik Tok: Building trust in #blockchains among people, businesses, and governments.
Telegram: Chainalysis on Telegram

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Henri Arslanian (Co-Founder and Managing Partner, Nine Blocks Capital Management)

Everything you Need to Know About Fan Tokens Jan 08, 2024

Show notes

Fan Tokens and SportsFi might be very new terms to some in the crypto industry, but probably not to the biggest soccer and football fans around the world.
In this episode, Ian Andrews (CMO, Chainalysis) learns everything about Fan Tokens from Alexandre Dreyfus (CEO, Socios.com + Chiliz) who are working with premier league soccer clubs, F1 racing teams, NFL and UFC partners to bring fandom to the blockchain .
Alex discusses the concept of Fan Tokens and their growth in the sports industry and how they allow fans to have a voice and vote on decisions related to their favorite sports teams.

He also highlights the importance of regulation and compliance in the industry, as well as the challenges of security and user experience. He expresses optimism about the future of Fan Tokens and the potential for further innovation in the space, including challenging regulatory landscapes like in the USA.
Alex touches on how Fan Tokens differ from traditional NFTs and how his team is exploring a non-custodial platform in order to give users more autonomy.

Minute-by-minute episode breakdown

(2:23) - Alexandre's background in online gaming and poker and the emergence of regulation in the industry
(4:43) - Explanation of how Fan Tokens work and how they provide value to fans and teams
(13:20) - The goal of opening the ecosystem for developers to build on fan tokens
(15:40) - Fan Tokens vs. NFTs
(19:24) - The global regulatory landscape and the need for compliance and education of regulators
(27:32) - The rewards and risk of launching non-custodial platforms for average users
(29:13) - Security concerns in the sports token industry
(33:05) - The outlook for entering the US crypto market in the future
(35:02) - Excitement about new SportFi features and decentralization

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Alexandre Dreyfus (CEO, Socios.com + Chiliz)

2023 Crypto Year in Review Jan 02, 2024

Show notes

2023 has been a bit chaotic in the crypto industry. There are more questions than anything else, but in this episode, Ian Andrews (CMO, Chainalysis) speaks with Chainalysis’ very own Director of Research, Kim Grauer about the major events and trends in the cryptocurrency industry in 2023.
They cover topics such as the surge in asset prices, the increased focus on combating crypto crime by creative government agencies, the return of ransomware attack and the continued rise of pig butchering and investment/romance scams in the industry.
Kim updates us on sophisticated phishing schemes, the crackdown on the crypto related fentanyl trade and the ongoing threat of North Korean hackers, and other important stats from both the crypto crime and crypto adoption index reports.
The pair highlight the growing usage of stablecoins in jurisdictions where local currency is unstable and provide statistics backing up the fact that NFTs are definitely not dead.

Minute-by-minute episode breakdown

(2:10) - Introduction and discussion of the upcoming 2023 Chainalysis Crypto Crime Report
(3:58) - Analysis of the increase in asset prices and surge in the value of Solana (SOL)
(7:40) - Creative efforts by law enforcement in disrupting cybercrime and ransomware
(12:35) - Overview of the Global Adoption report and its importance
(15:27) - Middle-income countries saw a bounce back in adoption and India topped the index for the first time
(18:50) - Stablecoins are becoming a significant part of the crypto ecosystem
(20:45) - Ransomware and Pig Butchering activity is on the rise
(26:02) - Fentanyl production and distribution networks mapped using cryptocurrency
(28:15) - Concerns about North Korea's continued hacking and crypto thefts
(30:02) - Are NFTs Dead?

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Kim Grauer (Director of Research, Chainalysis)

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