Ukrainian Cyber Police Department In Collaboration with Crystal

In a collaboration that illustrates the true power of public-private partnerships, Crystal Blockchain and the Ukrainian Cyber Police teamed up to close over 50% of the open cryptocurrency-related fraud cases in 2022.

Cybercrimes are increasing with rapid technological changes, globalization, and increasing means of payments. Criminals exploit these opportunities and continue to look for tools to hide transactions and obscure their identity.

15% increase in the number of funds sent to the darknet

In the international market, there is an increase in funds moving between illegal entities. In 2022, there was a 15% increase in the number of funds sent to the darknet, and transfers between illegal entities increased by 40%.

According to Nick Smart, Director of Blockchain Intelligence at Crystal, this indicates that thieves use crypto for selfish purposes, but this can be counteracted by using analytics.

Using Crystal Platform to analyze and track cryptocurrency movements

“This year has been unprecedented for the number of crypto-related fraud cases. But we are pleased that our collaboration with Crystal has closed over 50% of our active investigations,” said Yuriy Vykhodets, head of the Cyber Police Department.

“The difficulty of investigating such crimes is that most transactions are instant, and therefore analysts and operatives have little time to react.” Of the 600 open cryptocurrency fraud cases, Crystal Blockchain was able to help close over 300. By combining digital forensics with classical investigative methods, the teams analyzed the data and provided investigative tools for monitoring crypto wallets, controlling money, and tracking transactions.

Making the blockchain a safer space

The Ukrainian Cyber Police Department initially teamed up with Crystal Blockchain on May 14, 2021, to develop a partnership focused on making the blockchain a space safer while investigating offenses and illicit activities related to cryptocurrencies. Crystal Blockchain representatives conducted training with the cyber police and demonstrated how the Crystal platform tracks and cracks illicit fund movements.

Crystal’s investigation team provides comprehensive cryptocurrency analysis and investigations to present reports to partners such as financial institutions, government agencies, and other linked enterprises to:

• identify and track illicit activities, like ransomware payments and show attribution
• link pseudonymous blockchain transactions to real-world organizations, including exchanges and mixer services, and reveal the real-world names of those entities in a user-friendly format
• provide evidence for the legal pursuance of charges and LEA action

In addition to providing analytics to law enforcement agencies, Crystal offers educational services, special cryptocurrency workshops, and advice on new trends and intelligence. To learn more about how Crystal can support your investigations team, please contact us here.