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First suspicious Bitcoin transaction series detected

Yesterday as we celebrated being online for a full six weeks, our AML engine alerted our secops team of a suspicious series of transactions. It was after office hours but the compliance and secops teams were back in full swing.

Using our partner CipherTrace’s tools, we were able to very quickly conclude that a user had made a series of deposits with Bitcoins acquired from a friend, who‘s been acquiring them from LocalBitcoins.

Our team quickly worked with the user to acquire necessary data for us to unfreeze the user’s account; thanks to this very supportive user and to our diligent team, the entire process took less than half a day.

We’re starting to see an increase in questionable assets circulating in certain LocalBitcoins communities. Three of our secops colleagues have acquired CipherTrace Certified Examiner (CTCE) status, and together we are committed to helping our users bank and trade securely and free of bad crypto assets.

Credits: Sun Huang, Wayne Huang @ XREX

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