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Chainalysis tells House subcommittee blockchain tracing can expose scam supply chains; names Huai Wan platform as common denominator
Summary
Chainalysis and other witnesses told lawmakers blockchain analytics can reveal laundering and the infrastructure behind large crypto scams; the firm identified a peer‑to‑peer marketplace it said facilitates scam tools, laundering and fraud services.
Jacqueline Burns Coven, head of cyber threat intelligence at Chainalysis, told the subcommittee that blockchain analytics provide unusually granular visibility into cryptocurrency flows and the scam “kill chain.”
“Leveraging the blockchain's inherent transparency, we track cryptocurrency activity by illicit actors,” Coven said. She described so‑called pig‑butchering and investment scams in which victims are groomed and then induced to send funds to illicit wallets. Coven said Chainalysis’s data show scam operators received over $10 billion in cryptocurrency payments…
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