Recently, German police seized 50,000 BTC from a couple of online piracy perpetrators who had obtained the funds from selling copyrighted intellectual property and commercial money laundering.
Being able to trace funds on a blockchain can be useful for investigators and law enforcement agents whose job is to bust crypto crime and recover the funds online criminals misappropriate.
Blockchain analysis and crypto tracing tools allow investigators to gather and interpret data on a blockchain, analyzing the user behaviors that have generated it. The best tools combine software and data services, offering risk management, compliance, and investigation tools that can help law enforcement agencies locate cyber criminals and recover the funds they have stolen.
In addition to these advantages, crypto tracing software tools also:
- Help identify fraudulent activities on a blockchain
- Facilitate the optimization of business operations
- Analyze transactions between users
You don’t have to be a law enforcement agent or investigator to use crypto tracing software tools or blockchain analysis tools.
People use these tools for various purposes:
- Finding exploitable price differences between DeFi liquidity pools
- Identifying non-compliant and non-KYC transactions on various networks
- Identifying and exploiting various trading-related trends
- Analyzing various DAO metrics and identifying success and growth potential
Here’s a look at the most powerful and potentially useful crypto-tracing software tools.
TRM Labs
TRM Labs offers a comprehensive suite of digital tools that can help investigators analyze and identify patterns in blockchain transactions. These tools cover transaction monitoring, forensics, tactical blockchain data, and risk assessment for cryptocurrency-focused businesses.
What can TRM Labs do for you, and do you need its services? You probably do if you need:
- A user-friendly research tool you can use to explore the Bitcoin blockchain and keep an eye on cross-blockchain activities
- A tool that can help you visualize money flow through blockchain and cross-blockchain transactions
- A way to assign risk ratings to transactions based on suspicious patterns and user behaviors
- Something to allow you to monitor suspicious wallets for transactions
- Access to a comprehensive set of risk categories and the ability to set up your risk profiles and scoring criteria
Those interested can drop an email through the official site of the company to learn how much TRM Labs’ solutions cost.
Bitquery Coinpath
Coinpath offers a selection of crypto tracing APIs covering over 40 blockchains and more than 100 decentralized exchanges. By using advanced mathematical algorithms, including machine learning, Coinpath helps investigators and law enforcement professionals perform crypto forensics, trace transactions, unveil account balances, and determine clusters.
You can get a free demo version of Coinpath. The full option costs $248 per month. What do you get for that money?
- Clean data graphs that illustrate the flow of funds through blockchains from their origins to their destinations through multiple crypto services
- Multiple blockchain coverage
- Origins, destinations, and transaction amounts illustrated through easy-to-understand graphs
- Cluster detection, account balances, and other advanced services that use machine learning and heuristics
Coinpath can help law enforcement and crypto tracing specialists trace the proceeds of crypto crime and recover the funds. Chainalysis, one of the top actors in the crypto tracing scene, uses Coinpath.
Elliptic
Elliptic focuses on the compliance aspects of the cryptocurrency industry. Several exchanges and financial institutions use it to this end. To achieve its objectives, it has compiled the world’s largest dataset of blockchain identities, allowing its users to trace every transaction through not only a single blockchain but the entire crypto ecosystem.
Some organizations that use Elliptic are Revolut, Coinbase, Blockchain.com, Binance, and BitGo.
What does Elliptic do for its users?
- Its Lens feature can expose crypto wallets, giving a peek into the identities of the users and how the funds move.
- The information Lens provides allows companies to safeguard their users and operations.
- Elliptic Navigator helps users set customizable risk criteria for more than 100 crypto assets.
- Elliptic users can reliably track the source and destination of funds that travel on the supported blockchains.
Those interested in using Elliptic for tracing and blockchain analysis must contact the vendor to get a quote.
AnChain.AI
AnChain uses a set of AI-powered tools to track blockchain transactions in real time and determine which may carry a risk of money laundering, crypto theft, scams, and other illegal activities.
The AnChain module that traces crypto transactions is called the Blockchain Ecosystem Intelligence (BEI) API. It is capable of linking blockchain addresses to real-world identities.
The AnChain suite also allows users to visualize and manually analyze suspicious blockchain transactions and addresses.
AnChain is also capable of identifying suspicious code in smart contracts. Together, the AnChain APIs offer investigators comprehensive solutions to trace transactions, identify crypto criminals, and commence recovery efforts.
Crypto businesses can also use AnChain to monitor the activities of their clients and limit their exposure to high-risk blockchain actors while maintaining compliance.
Chainalysis
Chainalysis is one of the best-known and most widely-used cryptocurrency tracing and intelligence tools.
Many government and law enforcement agencies, banks, and crypto companies use Chainalysis to obtain relevant blockchain intelligence and trace transactions in the case of criminal activities.
Is Chainalysis what you need to fight crypto crime? What features does it bring to the table, and how powerful is it?
- Chainalysis detects risky and suspicious Bitcoin transactions that originate from sanctioned addresses and addresses linked to scams or darknet markets and activities.
- Chainalysis provides an easy-to-use interface that allows manual analysis and investigation.
- It features a visualization tool that allows investigators to observe the money flow of suspicious addresses.
- It can uncover the real-world identities of address holders.
If you want to join the multitude of agencies, companies, and organizations that use Chainalysis, you’ll have to contact their sales team for a price quote.
Cipher Trace
Like Chainalysis, Cipher Trace is a well-known and widely-used solution to monitor crypto risks, trace transactions, and identify suspicious activities like money laundering, fraud, and theft.
Law enforcement officials who use Cipher Trace can easily identify the risks associated with banks and crypto companies. Cipher Trace also allows them to engage in financial investigations while taking advantage of Cipher Trace’s expertise in the matter.
The software suite costs $16,000 per year, so it’s not for everyone. For that money, the agencies that use Cipher Trace get:
- Top-of-the-line cluster aggregating technology that allows for the quick identification of relevant variables leading to relevant attributions.
- Seamless integration with open- and closed-source intelligence
- Training services
- A free demo
- Travel Rule compliance with the Travel module
Cipher Trace also provides crypto training for banks and law enforcement through its Crypto for Banks On-Demand program.
Crystal Blockchain
Crystal offers several tailored solutions for crypto enterprises and banks. Part of its offer is a Bitcoin research tool called Crystal Expert. Using the tool, Crystal users can compile case reports they can submit to regulators to attempt the recovery of stolen crypto assets.
Crystal Expert also supports transaction tracing and gathering relevant evidence for these reports.
By using Crystal DeFi, investigators can gain an understanding of the origin and nature of funds to ensure AML compliance and determine the risk DeFi funds bring to the table.
Organizations that opt for Crystal as their crypto-tracing software tool will get:
- A blockchain analysis and research tool for small enterprises
- An API that can handle an uncanny number of transactions, suiting the needs of crypto exchanges, trading services, and payment processors
- Dedicated hosting services for banks and other organizations looking to improve the security of their data
To get a price quote on the Crystal Blockchain analysis suite, contact their sales representatives.
Uppsala Security
Uppsala Security is the company that created the first threat intelligence platform based on crowd-sourcing: the Sentinel Protocol. It currently covers digital asset tracking services and AML services for various digital assets.
The operation features a team of crypto tracing specialists who can help victims of cybercrime recover their stolen digital assets. Uppsala’s Investigator Package allows users to visualize blockchain transactions and perform manual analysis on them. It also lets them assess risks associated with transactions manually.
With Uppsala, users can keep their eyes on the flow of blockchain tokens and wallets of interest.
If you’re interested in securing Uppsala’s services, you will have to drop them an email for a price quote.
Messari
With Messari, market participants and investigators can learn more about the DAO (Decentralized Autonomous Organizations) landscape. The Messari Governance Tracker provides a deep glance into the governance proposals of these organizations. The company also provides a wealth of data on an impressive number of digital assets, helping traders and investors make better, more informed decisions.
For $75 per month, Messari users get:
- Access to up to five screeners
- The possibility to save up to 10 TradingView charts
- Unlimited watchlists
- AI newsfeed summaries
- Daily governance alerts
- Daily research
If you’re interested in what Messari has to offer, they have a 7-day free trial offer you can use to test these features.
Coinfirm
Coinfirm is a blockchain analytics solution that also provides investigative services. Founded in 2016 by Bank of Scotland AML specialists, Confirm now offers solutions for cryptocurrency exchanges, wallet providers, protocols, banks, DeFi liquidity pools, and financial intelligence units belonging to governments. It can provide a powerful package of crypto tracing and recovery tools, including components like Coinfirm Investigator and Coinfirm Analytics, enterprise data management solutions, reference data, pricing and valuation services, crypto benchmarks, etc.
To get a price quote, contact the Coinfirm sales team through email. Here’s what Coinfirm can give you for your money:
- Crypto address and transaction tracking in real-time
- The ability to register, move, and report all FATF travel rule data
- Risk management and organizational FATF compliance
Coinfirm also offers education on a range of crypto-related subjects, including legal guidance, regional regulations, AML and KYC compliance, and a Blockchain Academy.
Parsiq
Parsiq is a DApps-focused API provider. Parsiq’s APIs produce real-time indexed blockchain data, offering investigators a chance to peek into transactions, addresses, and other important data.
From the perspective of blockchain analysis, Parsiq’s flagship offering is Tsunami, an API that provides insight into critical data like transactions, NFTs, calls, etc.
Unlike most of the other crypto tracing software tools, Parsiq is available in a free, demo version you can use to put its capabilities and features to the test. There are also Pro and Enterprise versions available. The main difference between the versions is in the API request limits. The Pro version costs $399 per month. You must contact Parsiq support to get a price quote for the Enterprise version.
What does Parsiq provide to a blockchain investigator and digital asset recovery specialist?
- All-blockchain support
- Transaction and block endpoints
- Access to NFT and Balances APIs
- Custom integrations and custom data solutions
You can use Parsiq for research and analysis, compliance and AML, NFT analysis, trading platforms, and marketplace surveillance.
OracleofDe.fi
OracleofDe.fi uses AI to provide comprehensive blockchain analysis, including on-chain, financial, and social data. In addition to helping investigators trace transactions through the blockchain, it also:
- Helps businesses devise a blockchain strategy that aligns with their needs and capabilities
- Combines blockchain and cloud technology
- Helps with cloud optimization and migration
In addition to tracing transactions and market trends, OracleofDe.fi also allows its users to identify scams and avoid them. The focus of the operation is helping people set up blockchain businesses and not crypto tracing and recovery.
If you’re interested in using OracleofDe.fi’s services, you can do so for free. While starting is free, there may be other costs involved. Contact the OracleofDe.fi support for details.
Dune
Analysis-wise, Dune is one of the best blockchain tools available. Looking for specific transaction data on a blockchain can be akin to looking for the proverbial needle in the haystack. It requires churning through massive amounts of data. That is where Dune can help.
Its main selling point is that it has made difficult-to-access blockchain data and analysis available to anyone through its affordable prices. It also converts data that is impossible to interpret into easy-to-comprehend tables. Clients can use SQL queries to extract the blockchain information they need.
The Dune package costs $849 per month. There’s a free plan available as well that provides fewer credits and fewer functionalities.
Here’s what you get for that money, should you decide to use Dune’s blockchain services:
- Dune can provide raw as well as decoded blockchain data.
- With Dune, you can use SQL queries to specify the data you want to obtain from the blockchain.
- Dune provides key metrics for NFTs, DeFi, etc.
- The platform provides easy access to dashboards, queries, teams, and wizards.
The free option makes Dune an attractive tool. But for serious work, you will probably have to go for one of the paid options.
Footprint Analytics
Footprint Analytics is another blockchain analysis solution aimed at the masses. If you are interested in transactions and analyzing hundreds of on-chain data sets, Footprint may be the answer you need. You can start for free and gain insights into various protocols and their on-chain activities without the need to code or understand coding.
Footprint Analytics uses charts to help users make sense of the blockchain data it collects.
If you opt for Footprint analytics, here’s what you get:
- Access to hundreds of datasets you can use for blockchain analysis
- A handy interface that works on a drag-and-drop basis, requiring no coding skills
- The ability to search for a dashboard based on data category or blockchain
- The ability to manage customized dashboards
Footprint Analytics allows beginners with no coding skills or deep blockchain expertise to analyze on-chain activities and make informed decisions based on their analysis.
Covalent
Covalent allows users to track and render the activity of a wallet through multiple blockchains. Through its industry-leading unified API, users can view billions of Web3 data points. This powerful tool allows users to create multi-blockchain applications like wallets, NFT galleries, etc.
Covalent provides a free trial version you can use to assess the capabilities of its API. Here’s what you get with Covalent if you opt for their solution to your blockchain analysis needs:
- The ability to generate human-readable transaction data through multiple blockchains
- Ready-made application templates
- Scalable crypto tax solutions across more than 200 blockchains
- A user-friendly, no-code approach to accomplishing complex feats of analysis
- Investor dashboard tools across more than 30 blockchains
While Covalent’s trial version is free, you have to contact their support for a price quote on the full version of the unified API.
QLUE™
QLUE™ is a solution focusing specifically on crypto tracing and blockchain intelligence. Created by a group of AML specialists at Blockchain Intelligence Group, QLUE™ helps users make sense of blockchain data to untangle the web of deceit criminals spin around the funds they steal. It features proprietary algorithms that are fine-tuned to spot suspicious behavior.
According to its website, QLUE™ has been designed by law enforcement for law enforcement. QLUE™’s target clients are law enforcement agencies, regulators, government agencies, banks, forensic services, and crypto investigators.
If you’re interested in QLUE™, you can book a demo through their website. To discuss pricing, you must contact QLUE™ support.
Here’s what you get if you decide to use QLUE™’s services:
- An initial assessment to determine whether QLUE™ can help you
- Evidence-grade reports concerning the whereabouts of your stolen funds
- Forensic capabilities to trace your stolen funds and determine their current location in preparation for recovery
You can give the reports QLUE™ generates to local law enforcement to obtain subpoenas and begin the recovery process.
CNC Intelligence is an On-Site Official Training Partner of Blockchain Intelligence Group, providing the Certified Cryptocurrency Investigator™ (CCI) Training Program, which covers everything from the basics of cryptocurrency and blockchain technology to advanced techniques for the investigation and tracing of crypto assets. It uniquely combines theoretical knowledge with practical application, offering participants hands-on experience with Blockchain Intelligence Group’s innovative tools like QLUE™. Our program is designed to provide participants with an in-depth understanding of how to identify and combat crypto-related crimes, making it an invaluable asset for professional growth in the burgeoning field of digital currencies.
Breadcrumbs
When crypto scammers steal your digital assets, they leave a trail of “breadcrumbs” as they move the funds around to prevent tracing and recovery. Breadcrumbs picks up the trail from the blockchain data, helping you make sense of it. The starter version of Breadcrumbs is available for free. If you decide to use it, here’s what you can accomplish with it:
- Use a simple plug-and-play platform to trace and monitor transactions
- Use a dedicated Investigation tool to look up crypto addresses and analyze the transactions they make
- Obtain a trace-and-recovery solution
If you represent a crypto tracing and blockchain investigation firm, you can cooperate with Breadcrumbs experts to obtain judicial orders and take practical steps toward the recovery of stolen digital assets.
Glasschain
A non-profit organization, Glasschain offers blockchain analysis solutions aimed at cleaning up the Bitcoin ecosystem and stopping fraud.
Glasschain provides global crypto consulting services, blockchain data analysis, compliance services, funds recovery, fraud prevention, and analytics services.
Available for free, Glasschain’s services can help everyone trace transactions by simply typing an address into the search bar at the organization’s website.
Private individuals can use Glasschain to review and report fraud cases. They can also contact Glaschain if they have specific requests concerning blockchain data analysis.
Bottom Line
Blockchain analysis tools have a wide selection of use cases. In addition to helping traders find opportunities, ensuring compliance, and helping people navigate the DeFi landscape, they can help law enforcement and investigators trace blockchain transactions and identify the criminals behind scams and fraudulent schemes.
Investigators with the proper legal background can recover stolen crypto assets in cooperation with local authorities.
Blockchain forensics is a side of crypto asset recovery we here at CNC Intelligence Inc. understand and appreciate. We consider it the cutting edge of the crypto industry that can help tame its pitfalls and smooth the path to greater adoption.
To further empower your journey into the world of cryptocurrency investigations and to equip yourself with the essential skills needed to tackle the complexities of crypto-related crimes, we invite you to join our Certified Cryptocurrency Investigator™ (CCI) course.
This comprehensive program, offered in partnership with the Blockchain Intelligence Group, is designed for both law enforcement professionals and individuals keen on mastering cryptocurrency forensics. Through our course, you will gain an in-depth understanding of blockchain technology, cryptocurrency, and the cutting-edge tools necessary for effective investigation and tracing of crypto assets, including hands-on experience with innovative tools like QLUE™.
Led by seasoned experts in the field, the CCI Training Program ensures a rich learning experience that balances theoretical knowledge with practical application, setting you on the path to becoming a skilled cryptocurrency investigator. Don’t miss the opportunity to advance your expertise in cryptocurrency forensics and join a growing community of professionals who are at the forefront of combating digital asset crimes.
Enroll now and take the first step towards becoming a Certified Cryptocurrency Investigator™. This is your chance to enhance your capabilities and contribute to a safer digital financial landscape. Join us today!
We offer complimentary consultations to determine if our Asset Tracing, Recovery Assistance, and Intelligence Services suit your case.
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