A Forensic Analysis of Blockchain Surveillance Companies

Blockchain analysis is big business. The U.S. government alone has spent $6 million on transaction mapping tools, while cryptocurrency exchanges routinely partner with compliance companies that promise to track and trace the origin of customer funds. Hated by many bitcoiners, blockchain forensics is a controversial field with a plethora of players. The following analysis shines a spotlight on the companies who scrutinize you.

Over $80 Million Invested in Blockchain Forensics Companies

Not content with undertaking basic Know Your Customer (KYC) procedures such as requesting identity documents, many cryptocurrency companies have taken things a step further by partnering with blockchain forensics firms. In the case of Coinbase, they’ve gone one step further still and actually bought their own forensics company in the form of the highly controversial and much-maligned Neutrino. Having raised over $80 million to date, blockchain analysis companies have tapped into a rich source of capital. In turn, these companies have earned millions of dollars for profiling cryptocurrency users. Of the $6 million paid out by U.S. agencies, The Block calculates the IRS to have accounted for 40 percent, ICE almost 25 percent, and the FBI over 19 percent. ..Read More..

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