The issues of hacking, phishing scams and other illegal actions to steal digital assets among investors and traders has long been a troubling issue within the Blockchain space. We have certainly discussed it here, with our Head of Blockchain Expert Committee, Mr. Steven Hatzakis, publishing an article on how to protect yourself from cryptocurrency theft.
Today we look to have reached a period where investors have had enough and the industry has listened. According to CoinDesk, a new initiative called Reclaim Crypto is launching in an effort to track stolen digital assets and attempt to get them back to their rightful owner.
This venture is being developed by Coinfirm, a blockchain sleuthing firm, which has reported that as much as $10 worth of crypto has been stolen in 2019 alone. Coinfirm is partnering up with international investigations firm Kroll to be able to employ latest blockchain forensic techniques with the more established world of legal investigation and asset recovery.
Both firms use their own approaches to investigations, including traditional AML, as well as digital forensics and former FBI and CIA professionals to scan the dark web to identify activity using stolen funds.
With theft continuing to thrive, we believe is an important and absolutely necessary step to begin to root out such illegal practices and hopefully at some point to be able to recover investor funds.
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