Client: Leading Multinational Professional Services Firm & Federal Law Enforcement Agencies

Service Provided: Cryptocurrency Forensic Analysis, Cybercrime Investigation Support and Asset Recovery

Background

ELYON International, Inc., partnered with a leading multinational professional services firm to support federal law enforcement and regulatory agencies in the investigation of large-scale cybercrime operations involving cryptocurrencies. Over the course of more than 10 investigations in the past year, ELYON’s team worked directly on cases with a cyber nexus, leveraging advanced data systems and services in conjunction with federal law enforcement agencies. This collaboration led to the successful tracing of more than $8 billion in cryptocurrency across various blockchain networks. The cases focused on tracking illicit activities, recovering stolen assets, and supporting criminal investigations.

Challenges

The investigations faced multiple challenges, including the highly sophisticated nature of the underlying criminal activities and the vast scale of the transactions involved. The criminals employed a range of techniques to obfuscate their actions, including the use of mixing cryptocurrency transactions, utilizing off blockchain 3rd party entities, and multiple cross blockchain transactions.

Key challenges included:

• Obfuscation of Funds: Funds were routed through numerous wallets, the use of cryptocurrency mixing services, and cross blockchain transactions.
• Pseudonymous Nature of Cryptocurrency: The inherent anonymity of cryptocurrencies made it difficult to link digital wallet addresses to real-world identities.
• Cross-Asset Analysis: The need to connect cryptocurrency transactions with traditional assets like real estate, art, and luxury goods added complexity to the investigations.
• Global Jurisdictional Coordination: Multiple investigations span international borders, requiring collaboration across various law enforcement agencies and legal systems.

Approach

ELYON’s role was crucial in overcoming these challenges through a combination of cryptocurrency tracing, dark web intelligence gathering, electronic evidence analysis, and cross-asset financial investigations.

Key steps in the approach included:

1. Cryptocurrency Tracing and Analysis: Using investigative data, systems, services, and forensic tools, ELYON tracked the movement of billions of dollars in cryptocurrency, uncovering the pathways of illicit transactions across multiple blockchain networks.
2. Dark Web Intelligence Gathering: In collaboration with the prime contractor’s cyber risk team, ELYON monitored dark web platforms and forums, gathering intelligence that helped link criminal activities to specific cryptocurrency transactions.
3. Cross-Asset Financial Analysis: A critical part of the investigation involved connecting overlapping financial transactions that span digital assets (cryptocurrencies and NFTs) as well as physical assets like luxury goods, real estate, vehicles, and boats. This broader financial mapping revealed how the criminals were diversifying their wealth and laundering funds.
4. Electronic Evidence Analysis: ELYON’s team analyzed a range of digital evidence, including servers, hard drives, communications, and social media accounts, to further understand the scope of criminal networks and identify key players involved in the activities.
5. Subpoena Drafting and Data Requests: ELYON helped law enforcement draft subpoena requests to gain access to critical data from financial institutions, cryptocurrency exchanges, and other entities involved in the transactions, enabling the investigation to move forward.
6. Collaborative Case Support: ELYON worked directly alongside law enforcement, regulatory agencies, and prosecution teams, attending key meetings and providing expert support to ensure the investigation’s success.

Results

The partnership between ELYON, the prime contractor, and law enforcement agencies resulted in significant outcomes across more than 10 investigations:

• Tracing Over $8 Billion in Cryptocurrency: ELYON successfully traced and analyzed more than $8 billion in cryptocurrency, exposing illicit transactions and linking them to the criminal networks involved in money laundering and fraud.
• Identification and Arrest of Key Perpetrators: ELYON’s forensic analysis helped law enforcement identify and arrest individuals involved in the cybercrime activities. These arrests were pivotal in dismantling criminal organizations.
• Asset Recovery: ELYON played a central role in recovering both digital assets (cryptocurrencies) and physical assets, including luxury goods and real estate, by mapping their connection to illicit financial transactions.

Conclusion

ELYON’s collaboration with the prime contractor and law enforcement agencies has resulted in the successful tracing of over $8 billion in cryptocurrency, supporting the identification, prosecution, and asset recovery efforts across multiple high-profile cybercrime cases. ELYON’s team leveraged advanced forensic tools and data analysis, connecting digital assets to traditional wealth and providing critical insights that helped bring perpetrators to justice.

Through this partnership, ELYON demonstrated its ability to navigate the complexities of cryptocurrency forensic analysis, offering reliable, results-driven solutions that protect financial interests and ensure justice in the digital finance world. The successful outcome of these investigations reinforces ELYON’s role as a trusted leader in cryptocurrency tracing and cybercrime investigation support.