Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds | Cybersecurity

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May 01, 2024. Newsroom Financial Crime / Forensic Analysis.

A forensic analysis of a graph dataset containing transactions on the Bitcoin blockchain has revealed clusters associated with illicit activity and money laundering, including detecting criminal proceeds sent to a crypto exchange and previously unknown wallets belonging to a Russian darknet market.

The findings come from Elliptic in collaboration with researchers from the MIT-IBM Watson AI Lab.

The 26 GB dataset, dubbed Elliptic2, is a “large graph dataset containing 122K labeled subgraphs of Bitcoin clusters within a background graph consisting of 49M node clusters and 196M edge transactions,” the co-authors said in a paper shared with The Hacker News.

Elliptic2 builds on the Elliptic Data Set (aka Elliptic1), a transaction graph that was made public in July 2019 with the goal of combating financial crime using graph convolutional neural networks (GCNs).

The idea, in a nutshell, is to uncover illicit activity and money laundering patterns by taking advantage of blockchain’s pseudonymity and combining it with knowledge about the presence of licit (e.g., exchange, wallet provider, miner, etc.) and illicit services…


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