Research Reports
Data-driven insights to help teams understand on-chain behavior.
The 2020 Geography of Cryptocurrency Report
Intelligence Brief: BitcoinTransfer
Learn how a Syria-based exchange helped facilitate terrorism financing, and how blockchain analysis can uncover exposure to related networks and donation campaigns.
Intelligence Brief: Criptolago Exchange
Examine how Venezuela’s state-backed Criptolago exchange may have intersected with sanctions evasion, hyperinflation, and crypto’s role in economic survival.
Intelligence Brief: Farhad Exchange
See how an Iranian cryptocurrency exchange was linked to international exchanges and OFAC-sanctioned addresses tied to the SamSam ransomware investigation.
Intelligence Brief: The FutureNet Ponzi Scheme
Read the updated intelligence brief on FutureNet, focused on Bitcoin transactions and OSINT after earlier corporate-linkage conclusions were removed.
Intelligence Brief: Bullet-proof Hosting Provider Transacting with North Korean Actor?
Understand how a bulletproof hosting service received bitcoin from an address linked to North Korea-led exchange hacks, and why it matters for investigators.
Markets Report: What Causes Market Events?
Learn how on-chain exchange inflows can identify market events, explain volatility, and even reveal signs of potential price manipulation.
Markets Report: Mining Pool Market Power
Explore how mining pool concentration, holding behavior, and halving-era incentives can signal market sentiment and shape Bitcoin ecosystem dynamics.