ReclaimCrypto - A new way to return stolen cryptocurrency

Pavel Kuskovski, CEO of Coinfirm, wants to give victims of cryptocurrency theft a chance to recover their own funds with the help of ReclaimCrypto.

According to Kuskowski, the stolen cryptocurrency on the market is estimated at $ 10 billion. Coinfirm has teamed up with global research firm Kroll, a division of consulting firm Duff & Phelps. The launched ReclaimCrypto joint initiative combines the latest blockchain forensics techniques with the more established world of legal investigations and asset recovery practices.

The numbers of stolen cryptocurrency that can be returned vary. For example, CipherTrace, another Analytics firm, recently said that about $ 4 billion in cryptocurrency has been lost this year. Kuskowski's assessment includes historical (and as yet unresolved) events, such as the collapse of the once-largest crypto exchange Mt. Gox, stolen funds with Cobra in today's money are estimated at $ 1 billion.

Needless to say, Kuskowski and his team aren't just doing this for the good of humanity - there's a price to pay for success on a case-by-case basis. The head of Coinfirm explained:

After analyzing the market for this product, we started by calculating the most common cases where we know we can succeed and get a refund - we got about 200 cases. These cases alone account for about $ 1.5 billion

How the service works

Coinfirm's strategy is to counter money laundering in crypto networks by analyzing transaction history using various smart features and big-date Analytics. Like Chainalysis and Elliptic, the company works with about 50 exchanges and has already built a large database in this area.

Coinfirm's partner, Kroll, takes a more "traditional" approach, which could include a court order to force an Internet service provider to disclose details about an IP address, or using former FBI and CIA employees to search for information in the darknet for actions involving stolen funds.

It should be noted that Kroll is also no stranger to the cryptosphere: last year, the firm worked with the U.S. securities and exchange Commission on fraudulent tokensales (ICOS). Kroll also helped find criminals in Europe who had stolen $ 27.8 million worth of bitcoins.

If victims of loss wish, Kroll could potentially raise third-party funding for litigation. This means that firms that provide specialized financing in the legal market, such as Burford Capital or Therium, will take on the costs in exchange for a 30% Commission on the funds that will be able to return to the victim.

ReclaimCrypto's focus will be on bitcoin (BTC) and ether (ETH), but the initiative will also cover XRP, BCH, LTC, NEO and DASH.
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