Latest news with #CrystalIntelligence
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Criminals laundering money via social media, crypto deals, says expert
Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, speaking during a panel discussion at the International Conference on Governance and Integrity 2025. PUTRAJAYA : Regulators must 'up their game' to combat emerging money laundering methods involving unlicensed money changers and social media platforms, a regional financial crime expert said today. Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, said criminals were increasingly using Telegram, Facebook and Instagram to promote peer-to-peer (P2P) cryptocurrency trades that masked illegal fund flows. 'These days, people say 'I want to buy Bitcoin or Ethereum', but a lot of those funds are illegitimate,' she said on the sidelines of the International Conference on Governance and Integrity 2025. 'They'll look for unlicensed money changers, often advertised as P2P traders on Telegram or Facebook. The commission is slightly higher, but the appeal is that you can't trace them. 'It's like I want to sell to you, and you want to buy, (it looks) just like I'm selling to my mother,' she said. Chuah said these informal transactions were deliberately structured to avoid licensed crypto exchanges, which were bound by Malaysia's anti-money laundering (AML) laws. 'They will not go to the licensed ones. The moment they do, AML kicks in. So, they go to the silent players. Technically, it's quiet under the law. There's no record. That's the biggest threat. You're facilitating money laundering and disrupting the financial system,' she said. Corporates complicit in silence Also speaking at the conference, Joshua James, regional cybercrime and counter-fraud coordinator for the United Nations Office on Drugs and Crime, said businesses such as banks and telcos were ignoring fraud risks because enforcement could hurt their profits. 'Some of the companies are making a lot of money off of scams and fraud. And they don't have a strong incentive to be able to detect it,' he said. James said even strong local laws might not be enough, as international criminal networks operated beyond national borders. As such, he urged the country to lead by example in tightening domestic standards and demanding the same from its trade partners. 'That forces others to improve too,' he said.
Daily Express
6 days ago
- Business
- Daily Express
Criminals laundering money via social media, crypto deals, says expert
Published on: Tuesday, July 15, 2025 Published on: Tue, Jul 15, 2025 By: Minderjeet Kaur, FMT Reporters Text Size: Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, speaking during a panel discussion at the International Conference on Governance and Integrity 2025. PUTRAJAYA: Regulators must 'up their game' to combat emerging money laundering methods involving unlicensed money changers and social media platforms, a regional financial crime expert said today. Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, said criminals were increasingly using Telegram, Facebook and Instagram to promote peer-to-peer (P2P) cryptocurrency trades that masked illegal fund flows. Advertisement 'These days, people say 'I want to buy Bitcoin or Ethereum', but a lot of those funds are illegitimate,' she said on the sidelines of the International Conference on Governance and Integrity 2025. 'They'll look for unlicensed money changers, often advertised as P2P traders on Telegram or Facebook. The commission is slightly higher, but the appeal is that you can't trace them. 'It's like I want to sell to you, and you want to buy, (it looks) just like I'm selling to my mother,' she said. Chuah said these informal transactions were deliberately structured to avoid licensed crypto exchanges, which were bound by Malaysia's anti-money laundering (AML) laws. 'They will not go to the licensed ones. The moment they do, AML kicks in. So, they go to the silent players. Technically, it's quiet under the law. There's no record. That's the biggest threat. You're facilitating money laundering and disrupting the financial system,' she said. Corporates complicit in silence Also speaking at the conference, Joshua James, regional cybercrime and counter-fraud coordinator for the United Nations Office on Drugs and Crime, said businesses such as banks and telcos were ignoring fraud risks because enforcement could hurt their profits. 'Some of the companies are making a lot of money off of scams and fraud. And they don't have a strong incentive to be able to detect it,' he said. James said even strong local laws might not be enough, as international criminal networks operated beyond national borders. As such, he urged the country to lead by example in tightening domestic standards and demanding the same from its trade partners. 'That forces others to improve too,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Yahoo
08-07-2025
- Business
- Yahoo
Tether Invests in Blockchain Forensics Firm Crystal Intelligence to Fight Crypto Crime
Tether, the company behind the world's largest stablecoin USDT (USDT), has made a strategic investment in blockchain analytics firm Crystal Intelligence to increase efforts to root out crypto-related crime with its token. The investment gives Tether direct access to Crystal's suite of tools for real-time risk monitoring, fraud detection and regulatory intelligence, bolstering the company's ability to help global law enforcement track suspicious activity, the firms said in a Tuesday press release. Crystal has worked alongside Tether to build Scam Alert, a public database that flags wallet addresses tied to scams. Crypto scams and exploits have surged in recent years. In 2024, the FBI's Internet Crime Complaint Center recorded $9.3 billion in losses tied to digital asset fraud, a 66% increase from the year before. Crypto exchange Coinbase and Tether have assisted the U.S. Secret Service in seizing $225 million worth of USDT stolen through romance-investment scams. Tether, whose USDT stablecoin is frequently used in illicit transactions due to its liquidity, says it has already helped over 255 law enforcement agencies across 55 jurisdictions and has frozen more than $2.7 billion worth of stablecoins linked to criminal activity. "This strategic investment will strengthen our capacity to collaborate more effectively and reinforce a clear message: misuse USDT, and law enforcement will find you," Tether CEO Paolo Ardoino said in a in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Crypto Insight
28-06-2025
- Business
- Crypto Insight
Crystal Intelligence shares top insights from the frontlines of the battle against crypto scams
Ensuring top-notch cybersecurity is an essential necessity for businesses to set up shop in the modern business world, and the crypto industry is no exception. Similar to their Web2 counterparts, the crypto landscape fights its own battle against the ever-increasing scams and other security risks. Straightforward scams have transformed into complex, multi-layered operations that pose significant challenges to organizations. As illicit activities become more difficult to crack, the business world dealing with cryptocurrencies is increasingly seeking advanced intelligence and analytics. Crystal Intelligence, a blockchain analytics firm, addresses this need by uncovering hidden patterns in blockchain transactions. The company provides tools that help businesses detect and prevent illicit activities, identify high-risk entities and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. By enhancing transparency and security, Crystal Intelligence aims to keep institutions ahead of evolving crypto threats. Leveraging a team of analysts fluent in many regional languages across the Middle East, North Africa and Asia-Pacific, Crystal Intelligence offers insights that are both globally comprehensive and locally precise. This regional expertise helps clients understand on-the-ground risks and regulatory frameworks, enabling them to operate in complex jurisdictions and effectively mitigate region-specific threats. In this interview, Crysta Intelligencel's lead investigator Andrii Sovershyenni and senior investigator Federico Paesano share key insights into the tricky landscape that crypto businesses must navigate and how to be better prepared against crypto scams and frauds. Cointelegraph: Can you tell us about Crystal Intelligence and its mission in the blockchain and crypto space? Federico Paesano: Crystal Intelligence helps organizations understand and manage cryptocurrency through advanced blockchain analytics and compliance solutions. Our tools allow for real-time tracking, risk assessment, and detailed analysis of crypto transactions. This makes us an essential partner for compliance professionals, regulators, and investigators in the crypto field. We also provide training programs. These programs teach clients best practices in the crypto world and equip law enforcement and private sector teams with the skills they need to trace crypto assets. CT: Crypto scams have evolved significantly over the years. What trends or types of scams have you seen rise the most recently? FP: The way criminals use cryptocurrency has changed a lot over the years. They have become more skilled and now use new technologies to avoid being caught. Let's look at the latest changes in this area and see how they have developed. In the past, scammers used simple tactics to hide their activities. They sent Bitcoin (BTC) through multiple addresses to cash out anonymously via exchanges like BTC-e. However, as regulations became stricter and investigators improved their skills, these basic methods became less effective. The rise of KYC policies and the growing cooperation between centralized exchanges and law enforcement made it much harder for bad actors to cash out without leaving a trace. In response, crypto criminals are changing their tactics. They are using more complex methods that take advantage of new products and services in the blockchain space. Swaps, token bridges and decentralized finance (DeFi) protocols have become the tools of choice for criminals seeking to cover their tracks. Scammers and thieves use these technologies to exchange tokens across different blockchains without going through centralized platforms that require identity checks or interaction with authorities. They take advantage of decentralized exchanges (DEXs) and smart contracts to move funds across multiple blockchains quickly, without the oversight that regular exchanges offer. This makes it harder to track illegal activities. Every day we work with law enforcement agencies around the world. They focus on staying updated on new developments, adjusting to changes, and using the latest tools to track and reveal hidden activities. CT: Can you walk us through a scenario where your technology helped identify or prevent a scam? FP: Acting quickly is crucial in every financial investigation. This is especially so when dealing with cryptocurrencies. The difference between stopping a scam and losing money may be mere minutes. This is where Crysta Intelligence's real-time blockchain analytics can help. Our technology tracks and analyzes crypto transactions as they occur, allowing you to spot illegal activity before it's too late. Big news! Crystal is highly commended at the 2024 Regulation Asia Awards for Best #Blockchain Analytics & Investigations Solution! 🎉 Discover how we're advancing blockchain #compliance & #frauddetection: — Crystal Intelligence (@CrystalPlatform) November 5, 2024 We can quickly label suspicious addresses and entities. Our intelligence team identifies addresses linked to crimes like theft, scams, and hacks, and categorizes them within minutes. This fast response is very important. For example, if stolen funds are sent to a cryptocurrency exchange to be cashed out or exchanged for other tokens, our advanced monitoring tools alert the exchange's compliance team as soon as the funds arrive. They can then take action against the illegal source of the funds. In some cases, this alert can help slow down the flow of stolen funds and may even stop criminals from accessing or laundering the money further. We have many cases where we have been asked to help with investigations. When criminals tried to move funds through multiple digital wallets, our expert investigators noticed unusual patterns. They traced the funds and sent out immediate warnings. Often the exchanges involved will work with us to freeze the funds, and block criminals from cashing out, allowing law enforcement to follow the trail of the stolen assets. CT: How does Crystal Intelligence help law enforcement in crypto-related investigations? Are there any notable cases where your team played a key role? FP: When law enforcement investigates crime proceeds in blockchains, several key factors can determine the success of their work. First, it is essential that the tools are easy to use. A powerful tool is not helpful if it confuses investigators with too much complexity or information. Crystal Intelligence has spent a lot of time improving its user interface to ensure even advanced features are easy to navigate. The graphs and visualizations help investigators see complex crypto transaction patterns clearly without being hard to read. This clarity is crucial in fast-paced situations where every moment matters. Second, attribution data is vital to connecting crypto addresses to individuals or organizations. Crystal Intelligence helps law enforcement establish these links by showing relationships between addresses, transactions, and known entities. This then lets investigators follow the money and contact relevant institutions or people. Compliance teams also benefit from this data, as it helps them assess risks in customer transactions and spot potential criminal activity. Finally, the reliability of the data is critical. Crystal's Intelligence Team works very hard to verify data and gather evidence for accurate attribution and risk scores. This is important as law enforcement agencies must be able to trust the data to act effectively, whether it's freezing assets or pursuing further investigations. CT: Blockchain technology is often praised for its transparency, but scams still occur. What are the challenges in identifying and preventing fraudulent transactions on the blockchain? Andrii Sovershennyi: The largest issue we face is speed. Collecting information about fraud is quite straightforward, but doing it quickly can be challenging. Blockchain payments are faster than traditional payments. With quick confirmation times, an attacker can receive payment and convert funds very quickly, leaving little time for anyone to act proactively. At Crystal Intelligence, we are constantly working to speed up how we collect and use labels in our system to help our clients. This challenge gets harder with fraud, as victims often only realize they have been defrauded much later, and they may never get their money back. That's why it is important to raise awareness about common types of fraud and support trustworthy businesses. CT: Looking ahead, what do you think the future holds for blockchain security? Are there any emerging threats on the horizon that we should be aware of? AS: Blockchain security can be very challenging. Many people, including myself, believe that keeping your own crypto instead of relying on exchanges is safer. However, it can be risky if you lose your private key or if it gets stolen. It's difficult to comment on emerging threats. But the general rule is that criminals innovate constantly. Attackers are becoming more skilled and have pulled off impressive heists against well-protected targets. Many of these attacks use social engineering, like impersonating customer service, and modern AI tools can help them create convincing fake voices, images, and videos. I think the focus on security will shift from technology to laws and regulations. Services will need to prove that they take security seriously, and there may be specific rules about how they handle custody. CT: Finally, what advice would you give to crypto investors or businesses to better protect themselves from falling victim to scams? AS: Many factors are involved when businesses want to work with cryptocurrency. To start, they should follow the recommendations in open standards like the Cryptocurrency Security Standard (CCSS). This standard offers good policies and guidance. There are also many firms that can help businesses create and apply the necessary security measures. For consumers, it's best to choose a licensed and regulated cryptocurrency exchange. Instead of just looking for the 'best cryptocurrency exchange near me', check the list of authorized firms from national financial regulators. While this doesn't guarantee safety, being regulated means these firms must follow certain rules. Additionally, you can visit the International Organisation of Security Commissions (IOSCO) to find information on investor protection. They have a list of services that warn about potential issues. Their site also has many valuable free resources for learning about investments, which can help you assess the opportunities you come across. Crystal Intelligence's website provides a wide range of resources for victims of cryptocurrency scams and helps businesses improve their security through education and awareness. Source:
The National
02-05-2025
- Business
- The National
Will crypto replace traditional finance in our daily lives?
Cryptocurrencies are rapidly gaining more popularity, but it will be a while before they can replace traditional finance in our daily life tasks, according to experts. For cryptocurrencies to become the primary financial mode, there needs to be more regulatory certainty, further adoption of public use cases and a reduction of crimes in the sector, according to experts at the cryptocurrency conference Token2049 in Dubai this week. Initially, traditional finance and the new system of digital currencies will compete with each other, but the customer will eventually win because of better pricing, improved speed, quality and efficiency, said Navin Gupta, chief executive of blockchain analytics platform Crystal Intelligence. 'This week, First Abu Dhabi Bank [along with IHC and ADQ] announced plans to launch its own stablecoin. Traditional institutions wouldn't want to miss out because their customers would want the best of both worlds. They can access traditional finance, crypto, blockchain-enabled finance, and then choose whichever one but from the same brand. But that will take some years because we have many institutions that need to wake up to the new reality,' Mr Gupta said. Crypto will 'definitely emerge' in the next three years as a choice that every customer will have, he added. The UAE is taking steps to boost the adoption of digital assets and has launched several initiatives to support the sector. Abu Dhabi's ADGM has attracted global cryptocurrency players such as eToro and M2, allowing these companies to operate as a broker for securities, derivatives and crypto assets, and platforms for institutional and retail investors to buy, sell and hold custody of virtual assets. Dubai also adopted a law in 2022 to regulate virtual assets to support investors and streamline the offerings from exchanges. The emirate also set up the Virtual Assets Regulatory Authority under the Dubai Virtual Asset Regulation Law, to create an advanced legal framework. The UAE Central Bank also issued a regulation on stablecoins last June that will only allow businesses and sellers in the Emirates to accept cryptocurrencies for goods and services if they are dirham-backed stablecoins. Mr Gupta praised the UAE for its regulatory clarity and also cited improving policy certainty in the US. Most jurisdictions realise that 'this genie cannot be put into the bottle' and are coming up with regulation to keep customers safe, he said. However, he stressed the need for more adoption in terms of use cases, for example, remittances, payments or digital collectibles. Many use cases also need to become far more prominent, and the number of scams need to go down, he cautioned. Alice Shikova, marketing team lead at digital identity platform Space ID, also warned of challenges of interoperability and the lack of UX/UI experience for crypto users. It's still 'complex to switch between chains and to transact freely', she told The National. 'You always need to watch out for potential hackers. Everyone in the crypto space should have their own digital identity and on-chain name, that will make every transaction and person verifiable,' she suggested. When it comes to crypto use cases, payments solutions could offer big benefits, said Harrison Seletsky, director of business development at Space ID. At present, if you want to do an international remittance transaction, there's relatively high fees and it may take a few days. With crypto, it can be instantaneous, permission-free and a lot cheaper, he said. Stablecoins offer an example of a 'massive' use case already, especially for up-and-coming economies. For people who may not have easy access to US dollars, cryptos give them instant access to safe and secure alternatives on the blockchain, Mr Seletsky added. Vincent Chok, chief executive of First Digital, agreed that stablecoins are the 'next frontier of borderless finance' and are emerging as key players in the new financial infrastructure. Taking remittances as an example, he said in traditional systems, money movement is slow, expensive and limited by banking hours. Stablecoins change that by enabling users to send money globally, instantly and at a lower cost with 24/7 availability. 'It's definitely going to take some time because the banks move very slow. But the underlying infrastructure and value proposition are clear. So, over time, it will continue to move in that direction,' Mr Seletsky said. Paul Talbert, managing director and co-founder of Asset Token Ventures, a company that tokenises assets in fixed income and private credit, said the entry of more retail investors will help cryptos get more mainstream. As more regulation and public use cases come out, people will get more comfortable with it. They may replace traditional finance maybe in five years or 10 years, he reckoned. 'We're seeing a lot of growth. If you just look from 2023 to 2024, there was a massive increase in the amount of assets that were tokenised. We'll continue to see that,' Mr Talbert said. 'But it needs retail investors coming to the game, and that's coming on board slowly because regulation has made it slower than it could be. Other places like the US have to take a regulatory approach like the UAE and make it easier for the smaller retail investors.' Mr Chok from First Digital believes crypto won't replace traditional finance but will support it, boosting 'financial fluidity'. Hailing the arrival of spot Bitcoin exchange-traded funds, led by companies like BlackRock and Fidelity as a major milestone for crypto, Ryan Chow, founder of Solv Protocol, said they've played a key role in bridging the gap between traditional finance and crypto, giving institutional investors streamlined access to Bitcoin. 'Crypto isn't just for speculators any more, it's becoming part of the broader financial conversation,' Mr Chow said. 'Crypto still has a long way to go before it can truly rival traditional finance, but there's no question that the groundwork is being laid.'
