Insights on Iknaio Cryptoasset Analytics

Operation Alice

Sun, 26 Apr 2026 00:00:00 +0000

A 10-day operation, years of preparation

Between March 9 and 19, 2026, law enforcement agencies in 23 countries, coordinated by Europol , executed Operation Alice . The operation took down 373,000 darknet domains, identified roughly 440 customers, and seized 105 servers. About 90,000 of those domains advertised child sexual abuse material (CSAM). The operator, a 35-year-old based in China, ran the platform for years before investigators in Bavaria began pulling the threads in mid-2021. More than 80% of all known illicit sites on the dark web are now under the control of Bavarian authorities.

Change Address Heuristics

Wed, 15 Apr 2026 00:00:00 +0000

What is a change address

In traditional banking a payment has exactly one sender and one recipient. Bitcoin works differently because each output of a transaction creates a single identifiable coin (a UTXO). Once you receive it, you have to spend it in full. You cannot break it apart. If the coin is worth more than what you want to pay, the transaction produces a second output that sends the leftover back to you, much like receiving change when you hand over a banknote. That leftover is the change output. On the blockchain there is nothing that marks it as change, so we attempt to classify outputs as change based on the data we have.

Bitcoin Address Types

Tue, 14 Apr 2026 00:00:00 +0000

Why different address types

Over the years, Bitcoin introduced new address formats to lower fees, improve privacy, and support features like multisignature wallets. Most of these formats produce addresses that start with different characters, making them easy to tell apart at a glance.

The first few characters of a Bitcoin address are a fingerprint. They reveal the earliest point in time the wallet could have been created, what software might have generated it, and what privacy trade-offs were accepted. For an investigator, those characters are a data point worth reading.

Tracing Blockchain-Controlled Malware: Joining Forces with VMRay

Tue, 24 Mar 2026 00:00:00 +0000

Threat actors are constantly evolving their tactics. One increasingly observed technique involves abusing public blockchains, specifically the Binance Smart Chain (BSC), as Command-and-Control (C2) infrastructure for malware operations. By hosting malicious code on-chain, attackers can circumvent traditional blocking mechanisms: smart contracts cannot simply be taken down like a conventional web server.

In a recent joint investigation, VMRay and Iknaio Cryptoasset Analytics collaborated to analyze a specific malware sample leveraging this technique, sometimes referred to as EtherHiding. We traced the associated cryptocurrency flows across multiple blockchain networks, uncovering leads that could help law enforcement identify the perpetrators.

Cross-Chain Key Reuse: How Public Keys Link Addresses Across Chains

Wed, 18 Feb 2026 00:00:00 +0000

The Privacy Assumption That Doesn’t Hold

Different blockchains use different address formats. A Bitcoin address looks nothing like an Ethereum address. This leads many users — and even some investigators — to assume that activity on one chain is effectively invisible from another. A new paper by members of our research team shows that this assumption is flawed.

The study, Reuse of Public Keys Across UTXO and Account-Based Cryptocurrencies (Stütz, Stifter, Dragaschnig, Haslhofer, Judmayer, 2026), demonstrates that the same cryptographic keys are used extensively and actively across multiple blockchain networks, even when those networks employ seemingly incompatible address formats.

Tracing through DEXs, over Bridges, and Cross-Chain Address Clusters

Tue, 30 Sep 2025 00:00:00 +0000

Decentralized Finance (DeFi) has evolved into a multi-blockchain ecosystem where users seamlessly swap tokens and transfer assets across networks. Decentralized exchanges (DEXs) and bridging services have become essential infrastructure, enabling everything from simple ETH-to-USDT swaps to complex cross-chain transfers.

Our latest release introduces powerful new capabilities for analyzing these complex asset flows. You can now trace transactions through DEXs and bridging services, plus leverage our new exact address clustering method to group addresses controlled by the same entity across different blockchain networks.

Navigating the EU Crypto Regime

Mon, 07 Jul 2025 00:00:00 +0000

The EU is rolling out a comprehensive set of rules for cryptoassets in 2024–2025. Key new laws include MiCAR (Markets in Crypto-Assets Regulation), the Transfer of Funds Regulation (TFR, or “crypto Travel Rule”), the Sixth Anti-Money Laundering Directive (AMLD6), and DAC8 (cryptoasset reporting under the amended Administrative Cooperation Directive). These build on (and overlap with) existing frameworks like PSD2 and upcoming payment regulation (PSD3/PSR). Together they impose licensing, disclosure, reporting, monitoring and risk-management obligations on exchanges, wallet providers, and institutional crypto actors. In this post, we outline the main obligations and challenges each framework brings, and show how Iknaio’s blockchain analytics tools can help meet them.

Iknaio & CFLW Webinar: Dark Web and Crypto-Asset Analysis

Mon, 19 May 2025 00:00:00 +0000

At Iknaio, we are committed to empowering professionals with the best tools to tackle the challenges of decentralized systems. In partnership with CFLW, we are excited to invite our valued users to an exclusive webinar on May 27th, where we will demonstrate the capabilities of our flagship tools, Iknaio Pathfinder and Dark Web Monitor. These powerful solutions are designed to simplify the complexities of crypto-asset investigations, particularly in the ever-evolving realm of the Dark Web.

One-click identification of potential crypto fund routes to exchanges

Mon, 19 May 2025 00:00:00 +0000

Tracing possible fund flows from a given cryptoasset address to known exchanges now takes just one click:

Explore potential routes to exchanges with ease

Following money flows and identifying possible paths to exchanges is a core task in cryptoasset investigations. Investigators typically start from a specific address and explore transactions that may lead to an exchange. This process is often time-consuming and repetitive.

At Iknaio, we focus on automating such repetitive steps. We have reframed the task of identifying potential routes to exchanges as a search problem. QuickTrace allows users to retrieve possible connection paths from a given address with a single click and then inspect them further as part of the evidence-building process.

Iknaio Office Warming at Palais Rothschild

Wed, 14 May 2025 00:00:00 +0000

On May 8th, Iknaio officially opened its new office in the Palais Rothschild in Vienna. The company hosted an evening celebration with friends, partners, customers, and colleagues to mark this significant milestone.

The event featured networking opportunities and remarks toasting Iknaio’s future, set within the historic elegance of the venue. The company expressed gratitude to attendees and acknowledged its team’s dedication and hard work in making the move possible.

According to the announcement, “This office move represents much more than just a change of location, it’s a symbol of Iknaio’s continued growth, ambition, and commitment to delivering cutting-edge solutions in cryptoasset forensics, risk monitoring and compliance.”

Iknaio at the Digital Innovation Summit Bucharest

Wed, 23 Apr 2025 00:00:00 +0000

Our co-founders, Bernhard Haslhofer and Karl Zettl, were invited as speakers at the Digital Innovation Summit Bucharest (DISB) , one of the leading technology and policy events in Eastern Europe, bringing together key voices from the digital economy, public institutions, and emerging tech industries.

Bernhard Haslhofer, Co-Founder and Research Lead at Iknaio, delivered a keynote titled “Lessons Learned from Standardizing Crypto-asset Attribution and Data Exchange.” Drawing on extensive experience in blockchain analytics, Bernhard emphasized the increasing complexity of cryptoasset investigations, highlighting that future investigations must become data-driven to scale effectively with the growing challenges. He also emphasized the critical need for standardization across public and private sector actors in the crypto domain. His talk demonstrated why common data models and interoperable formats are essential for scaling compliance and investigative efforts in the rapidly evolving crypto ecosystem.

Crypto Inheritance

Thu, 20 Mar 2025 00:00:00 +0000

Digital assets are becoming an integral part of wealth and a growing number of estates now include cryptocurrencies. However, handling crypto inheritances is far from straightforward. Private keys, seed phrases, and decentralized storage present unique challenges, often leaving heirs locked out of significant holdings. Without the right expertise, these assets risk being lost forever.

The Complexity of Crypto Inheritances

Traditional inheritance processes rely on centralized institutions like banks or investment firms to identify and quantify the value of an estate and ultimately transfer the remaining assets to the heirs. Cryptocurrencies, however, operate on decentralized networks, making standard legal and financial procedures insufficient. For accessing crypto wallets profound technical knowledge is required, as missing credentials can render funds irretrievable. Notaries and legal professionals are more and more facing these challenges but often lack the necessary tools to conduct forensic investigations effectively.

CAAW 2025 Announcement

Tue, 18 Mar 2025 00:00:00 +0000

Our co-founder Bernhard Haslhofer serves on the Organizing Committee for the 4th International Cryptoasset Analytics Workshop (CAAW) , scheduled for April 18, 2025 in Miyakojima, Japan.

CAAW 2025 welcomes researchers across academic disciplines to share current research on cryptoassets and their ecosystems. The workshop will facilitate discussions on analytics methods spanning multiple layers—P2P networks, consensus models, and both on-chain and off-chain data—while addressing legal, ethical, privacy, and security considerations.

The event is co-located with Financial Cryptography and Data Security 2025, featuring both invited presentations and peer-reviewed research talks. Presentation topics may encompass empirical studies, analytical tools, case studies, and datasets offering comprehensive perspectives on cryptoasset analytics.

Unraveling the Bybit Ethereum Hack

Tue, 25 Feb 2025 00:00:00 +0000

What Happened

On February 21, 2025, Dubai-based cryptocurrency exchange Bybit experienced a significant security breach, resulting in the theft of approximately 401,000 ETH, which comprised a large part of the total stolen assets valued at around $1.5 billion at the time. The incident occurred during a routine transfer from Bybit’s cold wallet—an offline storage system—to a warm wallet used for daily trading activities. Hackers executed a sophisticated attack that manipulated the transaction by masking the signing interface, displaying the correct address while altering the underlying smart contract logic. This manipulation allowed the attackers to gain control of the cold wallet and transfer its contents to an unknown address.

10 Years of the Central Office for Cybercrime Bavaria

Tue, 11 Feb 2025 00:00:00 +0000

On February 6, 2025, the Bavarian State Ministry of Justice celebrated the 10th anniversary of the Central Office for Cybercrime Bavaria (ZCB) with a special ceremony in Bamberg. Over the past decade, the ZCB has played a pivotal role in combating cybercrime, continuously expanding its expertise and resources. Bavaria’s Minister of Justice, Georg Eisenreich, praised the unit’s success, stating, “The ZCB has written a success story in the fight against cybercrime.”

Press Conference: Fighting Sextortion with Data Science

Thu, 06 Feb 2025 00:00:00 +0000

Sextortion is a growing global cybercrime that preys on victims by coercing them into paying ransom under the threat of exposing sensitive material. Recent research by the Complexity Science Hub (CSH) highlights the increasing scale of this issue and how data-driven approaches can help combat it. At Iknaio, we are deeply connected to this research—both through our technology and our collaborations with law enforcement.

Iknaio and Graphsense: Science-Driven Crypto Investigations

Founded in 2021 on scientific principles, Iknaio emerged from a mission to empower trusted entities in securing the crypto ecosystem. Our journey began with the development of Graphsense, the leading open-source crypto tracing solution designed to enhance transparency and data sovereignty in blockchain investigations.

The Crime Landscape in DeFi: A Data-Driven Perspective

Tue, 04 Feb 2025 00:00:00 +0000

Decentralized Finance (DeFi) is on the way to revolutionize financial services by offering transparency, accessibility, and autonomy. However, as the sector expands, so do the risks. A recent study titled Mapping the DeFi Crime Landscape: An Evidence-Based Picture sheds light on the scope and scale of illicit activities within the DeFi ecosystem, providing much-needed data to understand the vulnerabilities in this rapidly evolving space.

Bernhard Haslhofer, Co-Founder and Head of Research & Development at Iknaio, played a key role in this study. His research contributes significantly to understanding and classifying the risks associated with DeFi and provides the financial industry with essential insights to navigate this emerging field.

Iknaio contributes to the BTC-ECHO Insider Report

Wed, 29 Jan 2025 00:00:00 +0000

The BTC-ECHO Insider Report for Q1 2025 has been released. As one of the industry experts, Iknaio’s Head of Sales and Marketing Maik Jordt contributed his knowledge to this comprehensive analysis. The report examines the crypto-related positions of major German political parties ahead of the 2025 federal election. Additionally, it provides Bitcoin price forecasts based on expert assessments from leading industry professionals.

The regulation and advancement of blockchain technology remain critical topics for the future of the financial sectors in Germany. The Insider Report evaluates how the major parties perceive the potential of crypto assets and whether they are willing to create a supportive environment. The findings of the experts reveal a diverse landscape: while some parties take a progressive stance, others remain more skeptical toward further development.

Happy New Year 2025 from Iknaio!

Thu, 02 Jan 2025 00:00:00 +0000

As we step into 2025, we take a moment to reflect on the progress made and the challenges ahead. At Iknaio, we are dedicated to providing robust solutions that address the complexities of blockchain analysis across both public and private sectors.

In 2024, we expanded our capabilities to better support public authorities, including law enforcement and investigative bodies. With tools like Pathfinder 2.0and CaseConnect, we empower agencies to analyze blockchain transactions with precision, trace illicit activities, and build actionable insights for their cases. Our automated workflowshelp streamline processes, enabling faster and more reliable outcomes.

Announcement: Iknaio Innovation Seminar #5

Fri, 20 Dec 2024 00:00:00 +0000

Uncovering Cryptoasset Abuse in the Dark Web

The next session of the Innovation Seminar Series arrives on January 14th, 2025, focusing on a critical issue in cryptoasset investigations: uncovering abuse within the dark web.

In collaboration with CFLW , this session will showcase advanced methodologies to assist investigators in closing data gaps, validating questionable activity, and improving investigative outcomes. The session targets professionals seeking to sharpen their investigative expertise and surmount typical obstacles in dark web research.

Iknaio Participates in ENSEMBLE Project

Thu, 12 Dec 2024 00:00:00 +0000

Iknaio announces its participation in the ENSEMBLE research project, an EU-funded initiative focused on combating cross-border cybercriminal activities through training, awareness, detection, and prevention efforts.

The initiative applies “AI-based technologies and fosters collaboration among multiple stakeholders across Europe to address advanced cyber threats.” Iknaio contributes cryptoasset analytics expertise to help manage expanding data volumes and intricate investigations.

Improving Forensic Investigations

Forensic investigators encounter obstacles from case scale and rising complexity. The ENSEMBLE project aims to streamline investigation workflows and increase automation in cryptoasset transaction tracing, boosting efficiency and precision.

Improving Cryptoasset Investigations by Connecting Cases

Wed, 11 Dec 2024 00:00:00 +0000

As the prevalence of cryptoasset-related crimes grows, law enforcement agencies are increasingly overwhelmed by the volume and complexity of cases. To help address this challenge, our latest research highlights a powerful approach: improving efficiency by identifying and leveraging connections between cases. This post summarizes key insights from the white paper Increasing the Efficiency of Cryptoasset Investigations by Connecting the Cases and previews the methodologies and tools developed to support this approach. Here’s how case connectivity can improve crypto investigations significantly.

Pathfinder 2.0

Wed, 20 Nov 2024 00:00:00 +0000

A Decade of Cryptoasset Tracing

For over a decade, our team has been deeply engaged in the evolving field of cryptoasset tracing. We’ve witnessed foundational methodologies like address clustering progress from academic concepts to widely adopted tools in blockchain intelligence, now used globally by cryptoasset investigators. As the ecosystem grows, especially with the advent of account-model ledgers like Ethereum and an increasing variety of tokens, a shift in traditional approaches has become essential.

Reflecting on Our Contribution to CINTIA 2024

Fri, 15 Nov 2024 00:00:00 +0000

Our CEO, Karl Zettl, had the honor of speaking at the CINTIA 2024 Analytical Conference in Warsaw, hosted by the Polish Platform for Homeland Security .

This event brought together stakeholders from across the security landscape to exchange ideas and discuss the latest advancements in analytical methodologies and tools.

Karl shared insights on the critical role of Blockchain analysis and Iknaio’s approach in combating financial crime in the digital age. As the crypto ecosystem continues to evolve, collaboration and innovation remain key to addressing emerging threats effectively.

GraphSense Release 24.01 — Tron Network Update

Mon, 29 Jan 2024 00:00:00 +0000

We are pleased to announce the release of GraphSense v24.01.

This update introduces tracing and tracking functionalities for the Tron network to the GraphSense Cryptoasset Analytics platform.

The enhancement includes monitoring capabilities for TRX, the primary currency of the Tron network, and extends comprehensive support to popular tokens such as USDT, USDC, and WTRX. This development reflects our dedication to broadening the scope of the GraphSense platform and addressing the most pertinent digital assets.

New Study on Cryptoasset Case Connections

Fri, 17 Nov 2023 00:00:00 +0000

We just presented our recent study titled Increasing the Efficiency of Cryptoasset Investigations by Connecting the Cases at the APWG Symposium on Electronic Crime Research in Barcelona. This research was conducted in partnership with the Bavarian Central Office for the Prosecution of Cybercrime (ZCB).

Some key findings and take aways from our study:

Cryptoasset-related crimes has resulted in a surge of cases. Victim losses amounting to 250 million Euros in 2022 and are estimated to be in the billions in Germany alone.
We analyzed 34 cyberfraud and 1793 sextortion spam cases and found that “41% of the cyberfraud and 96.9% of the sextortion spam incidents are interconnected.”
We propose a simple, yet effective solution that allows investigators to identify connections between cases.
We show that recognizing case connections can lead to remarkable efficiencies, especially when extended across crime areas, international borders, and jurisdictions.

For those interested in the details, a pre-print of our research is available on arXiv .

First GraphSense Connect

Thu, 09 Nov 2023 00:00:00 +0000

On November 9th, the Complexity Science Hub Vienna hosted the first GraphSense Connect meeting.

“Open source, collaboration, and co-creation are fundamental principles that have driven the development of the GraphSense Cryptoasset Analytics platform over the years.”

The event aimed to further this vision by connecting users, developers, and stakeholders. It provided a dynamic forum to discuss ongoing initiatives and collaboratively determine the future direction of the GraphSense platform.

The entire GraphSense core development team, along with users and stakeholders from all core partners, attended in Vienna, contributing to the event’s success.

Project DeFiTrace: Innovating DeFi Investigations

Mon, 16 Oct 2023 00:00:00 +0000

Iknaio is pleased to collaborate as an SME partner with the KIRAS DeFiTrace project. This initiative focuses on developing algorithmic methods to identify illegal transactions within Decentralized Finance (DeFi) systems, which operate across various ledgers. Our contribution will involve devising innovative analytics approaches and providing both data and processing resources.

The Complexity Science Hub Vienna (CSH) coordinates DeFiTrace, with additional support from the University of Innsbruck , as well as the Data Science and Artificial Intelligence group at the AIT Austrian Institute of Technology . The project also benefits from involvement by a diverse range of stakeholders, including the Austrian Federal Ministry of Interior, the Ministry of Finance, the Ministry of Justice, the Financial Market Authority, the Austrian Central Bank, and the Bavarian Central Office for the Prosecution of Cybercrime.

Iknaio Supports BIS Project ATLAS

Thu, 05 Oct 2023 00:00:00 +0000

The Bank of International Settlements (BIS) and its Eurosystem partners released a report on initial findings from Project ATLAS . This initiative examines international cryptoasset flows by merging exchange data with blockchain transaction information.

A key insight emerged from the analysis: “Even though blockchain data are openly available, methodologies for data aggregation are often a black box, preventing researchers from engaging in deep-dive analysis and regulators from benchmarking data across sources”

ONE Conference: Iknaio & CFLW

Tue, 03 Oct 2023 00:00:00 +0000

The inaugural joint exhibition of Iknaio Cryptoasset Analytics GmbH and CFLW Cyber Strategies partnership was nothing short of spectacular! We were right on the mark with our focus on Dark Web and Crypto-Asset Investigations. This collaboration is underpinned by our distinctive, open, and transparent technology, poised to find its way onto every investigator’s desk in the near future.

Every conversation held during these two days held immense significance, owing to the presence of experts exclusively. This attribute sets the ONE Conference apart as truly unique. In the weeks ahead, we’ll be fully engaged in following up on the promising connections made.

Project ViCTOR Tokyo Kickoff

Mon, 25 Sep 2023 00:00:00 +0000

Iknaio is actively participating in the Tokyo kickoff event for Project ViCTOR, joining “over 60 delegates hailing from over 10 prominent Asian countries.” The company expresses appreciation to Interpol for organizing the event and to Japan’s Ministry of Foreign Affairs for hosting. This participation reflects the organization’s “commitment to innovation and collaboration in the Asian market.”

CINTiA 2023 Presentation

Thu, 21 Sep 2023 00:00:00 +0000

Iknaio Cryptoasset Analytics GmbH had the pleasure to hold a presentation about the importance of mass data processing for Cryptoassets at the CINTiA 2023 in Krakow. A big thank you to Marek Wierzbicki and CYCLOPES - Cybercrime Law Enforcement Practitioners’ Network for having us!

German Startup Cup Fintech: Second Place for Iknaio

Sat, 01 Jul 2023 00:00:00 +0000

The German Startup Cup was initiated by the nonprofit association GFFT e.V. to strengthen innovation and support young companies in establishing themselves in the market. Startups are integrated into the United Innovations network, where they have the opportunity to showcase their innovations to interested user companies and a panel of experts.

The focus is on exchanging ideas with experts on current IT-related topics and challenges. Young companies provide insights with their pitches and present new solutions. At the same time, they engage in direct contact and benefit from the expertise of the jury.