The Applied Intelligence Project of the CIB was invited to present its research before a distinguished audience at the United States Secret Service’s Washington Field Office (WFO) in Washington, DC, on December 1, 2023. A delegation of twelve senior analysts from the CIB, accompanied by CIB faculty mentor Dr. Joseph Fitsanakis, delivered a comprehensive two-hour presentation on the topic of the illicit use of cryptocurrencies by criminal organizations.

This presentation was the culmination of an effort initiated in August of this year, with the collaboration of Secret Service members, who tasked the Applied Intelligence Project with investigating the misuse of cryptocurrencies by criminal entities. This topic of of considerable interest to the Secret Service, given its responsibility for detecting and prosecuting fraud schemes and ransomware crimes facilitated by cryptocurrencies.

The CIB analysts focused their research on establishing a robust correlation between the increasing use of cryptocurrencies and the surge in illicit activities by criminal actors globally. The study delved into the deployment of cryptocurrencies by emerging criminal entities in Latin America and explored the involvement of state-backed criminal actors operating on behalf of Iran, China, Russia, and North Korea. Notably, the researchers found that, due to the adaptable nature of scams, there is a high likelihood of an increase in scammers utilizing cryptocurrencies, developing new methods of attack, and targeting different types of victims.

Following the presentation, one Secret Service member commented: “Everyone was very impressed with [the CIB] students, the presentation, and the professionalism they all exhibited. You should all feel very accomplished as it was a poignant presentation and impressive for undergraduates with only open-source information at [their] disposal”.

A written product that accompanies the presentation will be published later in December and will be made available online, as well as in hard copy. The CIB wishes to thank the Department of Intelligence and Security Studies and the Edwards College for Humanities and Fine Arts for their support of the Applied Intelligence Project.