Cryptocurrency Enforcement Framework: Impacts on digital forensic investigations

Back in 2010, Laszlo Hanyecz bought two pizzas for 10,000 bitcoins. This was the first transaction using the novel technology based on a blockchain, cryptocurrency. As I write, a single bitcoin is valued at around $57,000. 

I hope the pizzas were tasty.

Cryptocurrency has become a force to be reckoned with. From the early days of technical and privacy interest to now being traded on crypto exchanges for vast sums, cryptocurrency has reached the mainstream. Web 3.0 is coming. This new user-controlled and human-led version of the internet holds much promise for privacy and sovereignty. However, with the ying comes yang.

Every time a new technology emerges, especially one that carries inherent value, cybercriminals follow. Cryptocurrency is already intrinsic to ransomware attacks because the technology was designed to make transactions, and the users behind the transaction, anonymous.

The FBI and other law enforcement agencies recognize that this anonymity can be used for nefarious purposes. To help in investigations, the attorney general’s Cyber Digital Task Force has developed the “Cryptocurrency Enforcement Framework.” This framework is likely to have uses in carrying out digital forensic investigations.

What is the Cryptocurrency Enforcement Framework?

Technology is typically designed for the good of humanity.

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