Why this former intelligence officer thinks crypto crime fears are ‘overblown’

  • 📰 smh
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 80%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Having spent eight years in government intelligence, Todd Lenfield knows a thing or two about tracking down criminals on the web – and he says narratives about the prevalence of crime in the crypto industry are overblown

which aims to examine, challenge and demystify the ideas behind the emerging industry by speaking to the people who live and breathe it.I’ve always had an unhealthy interest in finance - I’ve been trading FX, CFDs, stocks and options for 20-plus years as a side thing because I like numbers. From a work perspective, I started studying IT a long time ago, got a role in intelligence in Australia, and spent eight years working as a network engineer.

It’s very different. There’s the reactionary side, but then there’s also the proactive work that we enabled through having increased visibility of the crypto space. Because the blockchain is public, it’s live, and we do real-time monitoring of it - that’s a game changer for organisations. It’s definitely overblown. The key piece of crypto is transparency - the fact that we can show you, on-chain, the crime and illicit activity we see, no one can do that with fiat currency, it’s not possible. We don’t know how much cash Pablo Escobar had hidden and how much the rats have eaten. In crypto, the rats are like Tornado Cash or CryptoMixer. They take that little piece out of it, but we can still see where those funds are.

The smart contract components and what they can be applied to is remarkable technology, things like proving where your wine came from, and mitigating counterfeiting. Provenance is a way NFTs can be utilised across the globe.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Breaking formation: Why one major investment bank thinks Qantas can’t outrun poor serviceOn some routes, airfares have doubled - particularly on international business class tickets. But even domestic fares are pitched at the spicy end. EKnightOfficial Qantas vax cult. EKnightOfficial the unions have orchestrated the downfall of Qantas, it's impossible to run a competitive international airline whilst paying non competitive Aust wages & conditions, try as he did, there are limits to what labour can be done offshore, so its 'another bites the dust' who cares🤷‍♂️ EKnightOfficial geez done anyone else feel alarmed by this photo of the plane, doesn’t inspire any confidence
Source: smh - 🏆 6. / 80 Read more »

Trading platform Robinhood lays off nearly a quarter of staff as crypto dropsThe news comes on the heels of a dire revenue report, with company shares taking a 3% tumble in extended trading
Source: GuardianAus - 🏆 1. / 98 Read more »

Trading platform Robinhood lays off nearly a quarter of staff as crypto dropsThe news comes on the heels of a dire revenue report, with company shares taking a 3% tumble in extended trading
Source: GuardianAus - 🏆 1. / 98 Read more »

Smooth-talking CEO reassured Aussie investors as crypto company was crashing — now it's bankruptAustralians have described their utter despair in letters to a New York bankruptcy court after cryptocurrency lender Celsius Network froze their withdrawals.\n\nAnother cryptocurrency lender has filed for bankruptcy, leaving global investors desperate and in limbo. Sounds like the incompetent, right wing Reserve Bank. Sace oil, gas and big. Orporations and destroy ordinary Australians. Tax theses scum I am AMAZED that an 'asset' with no underlying backing or government support folded. Hurrah for Can Do Capitalism. On display again.
Source: abcnews - 🏆 5. / 83 Read more »