Law enforcement agencies globally have seized $112m from cryptocurrency scams, broke down illegal online drug marketplaces, and sanctioned crypto money launders, amongst other operations, in a bid to crack down on internet-enabled crimes. The increase in law enforcement activity highlights how quickly investigative tools have evolved to track and expose online illicit and criminal activities, making it harder for cybercriminals to hide their operations. While cryptocurrencies offered an antidote to financial privacy, turning out to be ‘kind of the worst trap in modern financial surveillance,’ due to the pseudonymous addresses and activities permanently recorded on public ledgers, investigations are making it clear the invisible cloak is no more. However, cybercrime is still pervasive and troubling, with increasing activities such as cryptojacking and pig butchering replacing the old get-rich schemes. Demand for access to computing power to mine cryptocurrency remains high, while pig butchering scams rely upon gaining victims’ trust. Law enforcement agencies are also facing issues regarding how cybercriminals cash out their cryptocurrencies, with few laundering vehicles due to actions against crypto mixers who help to obfuscate the money trail. Cybercriminals have therefore been found to be merely sitting on their money, with limited options for exchanging their cryptocurrencies. Despite the increase in law enforcement activities, cybercriminals will not be making a mass exodus from ransomware, although they have been forced to shift tactics to avoid a more challenging operational environment, making it harder to obtain funds. Another factor enabling cybercriminals to persist is victim reluctance to report incidents, making it challenging for law enforcement to take action. To combat cybercrime effectively, investigators need to visualize optimal attribution analysis, analyzing forensics, negotiation dialogue, threat after-behavior, and money trail patterns, as it is challenging to parse through the activities of various criminal groups with amorphous boundaries, overlapping tactics, procedures, and frequently unknown attribution. Security professionals must cut through this haze to make sense of the ever-changing cybercrime landscape.

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