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Chainalysis has been working with law enforcement all around the world to combat this problem. The firm says there will be many more similar arrests in the near future.
Expect to see some arrests soon as law enforcement agencies wrap up their investigations into several ransomware operations. The CEO explains that the platform can link the source and recipient when criminals use bitcoin for ransomware, DDoS threats , and other illicit activities. Additionally, this also applies to the recent attack against Bitfinex for , Bitcoins. The Hong Kong-based exchange hired Ledger Labs for its forensic investigation.
Gronager believes the theft was a grave mistake, and he details the minute the coins are used they will be detected. Chainalsysis was started due to the amount of criminal activity and exchange heists over the past few years. At first, the services were designed to help with anti-laundering techniques for financial institutions, but in time the software became a great help to law enforcement fighting cyber-crime.
Through the Barclays Accelerator Programme in , the firm began creating relationships with enterprise businesses and government entities such as Europol and the FBI. Payments in online gaming are dominated by credit cards, but these are covered with large fees as compared to Bitcoin. With the looming possibility of a monopoly of credit card services between MasterCard and Visa, the iGaming industry may face troubles as operators and players may be charged with higher fees. This, however, would be perfect for Bitcoin to become the saving grace for online gambling.
The causes and effects of high Bitcoin price put the digital currency in a good position. The healthy value lately should thank the weak Chinese yuan. As the Chinese government allowed its currency to lose market value, which greatly affected the global markets, Bitcoin gained momentum up the charts.
This resulted in a positive outlook for Bitcoin industries, and one of them is Bitcoin mining. Mining bitcoins, which lost its luster when the price declined, is slowly regaining its enthusiasm.
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