The untold story of the global hunt for cryptocurrency criminals. Andy Greenberg's thrilling investigation into how a team of federal agents and crypto detectives went from the darkest corners of the internet to bringing down the biggest criminals of the digital age.
A collection of true stories about how investigators cracked the code of cryptocurrency tracing, bringing down criminals who thought their digital transactions were untraceable.
Many cryptocurrency users believed their transactions were anonymous. This interactive visualization explains in simple terms how blockchain works and how investigators can follow the digital money trail.
A blockchain is like a public notebook where every Bitcoin transaction is permanently recorded. Each "block" contains a group of transactions, and each new block is linked to the previous one, forming a chain that can't be altered.
Unlike a private bank statement, this ledger is public—anyone can download and view the entire history of all Bitcoin transactions ever made.
When Bitcoin moves from one wallet to another, that transaction is recorded on the blockchain forever. Investigators can follow these transactions like breadcrumbs, tracing the flow of money from its source to its destination.
Even when criminals try to obscure their tracks by moving money through multiple wallets, the transaction history remains visible to anyone who looks hard enough.
Bitcoin users typically have multiple addresses (like having multiple account numbers at the same bank). Investigators can identify which addresses belong to the same person through "clustering" techniques.
For example, when someone spends Bitcoin, they often send change back to a new address they control. By analyzing these patterns, investigators can group addresses likely controlled by the same person.
The final step is linking Bitcoin addresses to real people. This happens when digital currency touches the physical world:
Even one small mistake can be enough to reveal someone's identity to investigators.
Click on elements to explore how blockchain forensics works. Try different views using the buttons above.
Meet the criminal masterminds who discovered that Bitcoin wasn't as anonymous as they thought. These are some of the major figures exposed in "Tracers in the Dark".
Created and operated Silk Road, the first major darknet marketplace that connected drug dealers with buyers using Bitcoin. From 2011-2013, Silk Road facilitated over $1.2 billion in illegal transactions.
Despite careful operational security, Ulbricht was undone by early Bitcoin transactions linking his pseudonym to his real identity. He was arrested in a San Francisco library in 2013 and is currently serving life imprisonment without the possibility of parole.
Created AlphaBay in 2014, which grew to become the largest darknet market in history, with over 200,000 users and 40,000 vendors. The site facilitated trades in drugs, stolen data, counterfeit goods, and hacking tools.
Despite learning from Silk Road's mistakes, investigators tracked Cazes through Bitcoin transactions and operational security errors. He was arrested in Thailand in 2017 and died by suicide while in custody, leaving behind millions in cryptocurrency that authorities seized.
Perpetrated the largest Bitcoin theft in history by hacking Mt. Gox, once the world's largest Bitcoin exchange. Between 2011 and 2014, approximately 850,000 Bitcoins (worth billions today) were stolen from the exchange.
Through blockchain analysis, investigators tracked the stolen Bitcoin through a complex web of wallets and exchanges. While the investigation continues, it demonstrates how even sophisticated attempts to launder cryptocurrency can leave traces that investigators can follow years later.
The Digital Trail (Our Social Media Campaign)
Behind The Mask
They thought Bitcoin was untraceable. They were wrong. Discover how investigators cracked the code that brought down the largest dark web marketplace in history.
The Money Trail
Every transaction leaves a trace. Swipe to see the intricate web of cryptocurrency flows that investigators used to track down cybercriminals who thought they were anonymous.
The Hunters
Meet the unlikely team of crypto detectives who revolutionized digital investigation. Their techniques changed cybercrime forever and brought down billion-dollar criminal enterprises.
A Note From Andy Greenberg
To Today's Generation
When I started looking into cryptocurrency tracing, I found a story more exciting than any movie or TV show. What began as simple reporting about Bitcoin's supposed anonymity turned into the story of history's most advanced digital detective work.
You've grown up in a world where terms like cryptocurrency and blockchain are becoming everyday language. This book pulls back the curtain on what these technologies really mean. As you navigate your increasingly digital lives, the lessons from Tracers in the Dark matter more than ever. The blockchain's permanent record-keeping hasn't just changed finance—it's transformed digital privacy and how we're watched online.
The investigators you'll meet in this book created techniques that have completely shifted the power balance on the internet. Their methods raise big questions about privacy, security, and justice in our digital world—questions that your generation will need to answer.
Whether you're into cryptocurrency, enjoy true crime stories, or care about digital privacy, this true story will make you think differently about anonymity online. Just remember this key point: in a world where every digital interaction leaves a trace, what does privacy really mean anymore?
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