Canadian Police Call Bitcoin Expert Witness In $1.4 Million BTC Case
CipherTrace, a blockchain forensics company, makes headlines today for its role in the seizure of $1.4 million in bitcoins that may have been destined for illicit usage. In the resulting court case, David Jevans, CEO of CipherTrace was called upon to serve as the first ever Bitcoin expert witness.
As with any medium or store of value, those with specific intentions can use Bitcoin for illicit transactions. Thus, the “Darkweb” or online black market has created cause for concern for law enforcement, regulators and cryptocurrency speculators alike, because users can purchase and sell virtually anything using crypto without having to reveal their identity.
As the volume of illegal Bitcoin transactions rises, so does the demand for blockchain intelligence firms like CipherTrace.
CipherTrace played a pivotal role in convicting a suspect accused of using 288 bitcoins (valued at approximately $1.4 million today) to purchase a handgun and facilitate the sale of illicit drugs. In an Ontario court, the Bitcoin expert witness testified that his firm was able to trace transactions from dark web markets into the defendant’s account. ..Read More..