“Finding the Right Solution for OSINT and Investigations”

Join deep dive: Tue, Nov 12, 18:00 CET
10 October 2024
Webinar

Webinar | How to Win Battle Against Crypto Investment Scams

Are you feeling like you’re fighting a losing battle when tracking crypto investment scams? The anonymity and global reach of digital currencies make combating these crimes feel like an uphill struggle. With crypto scam losses surging by 45% to $5.6 billion in just one year, according to the FBI’s IC3 Cryptocurrency Fraud Report 2024, the stakes have never been higher.  

In May 2024, Maltego’s academic partners at Georgia Tech’s Cyber Forensics Innovation (CyFI) Lab uncovered 2.6 million Ethereum tokens—equivalent to $2 billion USD at the time—illicitly obtained through smart contracts since September 2017. They reported these fraudulent accounts to the FBI and Etherscan, a blockchain explorer and analytics platform for Ethereum. But what about the other hidden and lost billions? Why does tracking crypto-related crimes remain so challenging? What can we learn from this case? And how can we take action to prevent future losses? 

This is a critical moment for law enforcement agencies, digital asset investigators, independent exchanges, and trading companies to enhance their approach to investigating crypto scams. Join our webinar as Mingxuan Yao, a Ph.D. student, and Brendan Saltaformaggio, Yao’s faculty advisor and associate professor at Georgia Tech, explore their latest investigation into $2 million worth of crypto scams on Ethereum, building on their previous research. They will also share practical insights your team can apply immediately to streamline crypto investment scam investigations and minimize business risks. By leveraging these strategies, your team will be better equipped to detect and respond to crypto scams swiftly, helping your organization stay ahead of emerging threats and reduce the financial impact of fraudulent activities. 

In this webinar, we explore:

  1. The evolving landscape of financial crimes
  2. Current practices and challenges in identifying and mitigating crypto scams
  3. A case study on tracking transactions and online personas to attribute and prosecute investment scammers
  4. Preventive measures and collective efforts in combating crypto investment scams

Key takeaways:

  • 00:00 Introduction
  • 05:24 The impact of cryptocurrency on financial crimes
  • 09:46 How organizations currently investigate crypto scams
  • 13:41 The inspiration behind the collaboration between CyFI Lab and Maltego
  • 16:23 The goals of the research and case study
  • 19:50 Challenges in combating crypto scams
  • 25:25 Insights that help address crypto investigation challenges
  • 30:00 Success stories in tracking illicit crypto activities
  • 40:22 Summary and key findings from the case study
  • 46:35 How law enforcement agencies and platform companies can help prevent scams

About the Speakers


Brendan D. Saltaformaggio 

Brendan is an Associate Professor in the School of Cybersecurity and Privacy and the School of Electrical & Computer Engineering at the Georgia Institute of Technology. He also holds a courtesy appointment in the School of Computer Science. His research centers on computer systems security and cyber forensics, with a focus on memory forensics, binary analysis, software vetting, and mobile/IoT security. 

Mingxuan Yao 

Mingxuan is a fifth-year Ph.D. candidate in Electrical & Computer Engineering at the Georgia Institute of Technology, working under Professor Brendan Saltaformaggio in the Cyber Forensics Innovation (CyFI) Lab. With a Master’s in Cybersecurity, Mingxuan specializes in cyber-attack forensics and binary analysis. Their current research focuses on identifying and mitigating cyber threats exploiting prestigious web services and utilizing novel strategies to enhance forensic analysis.