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Crypto analytics firm CipherTrace has announced a new initiative to train students and equip them with tools to investigate crypto-related scam and fraud cases.
Called the CipherTrace Defenders League, the initiative will be launched in partnership with the Middlebury Institute of International Studies at Monterey, Middlesex University London, and the Blockchain Acceleration Foundation (BAF).
In a report published in November 2019, CipherTrace found that thefts, scams, and fraud had already topped $4 billion by the end of Q3 2019. The firm is now launching this new initiative in order to make the crypto economy safer.
Initially, the Defenders League will consist of graduate students from Middlebury and Middlesex and BAF students at nine universities in California.
According to a press release shared with TokenPost, CipherTrace will train and certify students to use its financial investigation software. Certified students will get access to the full suite of CipherTrace tools, enabling them trace funds lost in cryptocurrency fraud and theft. Students would be able to earn class credit by providing their services to help recover “small” losses that are usually too small to for law enforcement to investigate.
"We've experienced a significant increase in requests for investigative and analytic support for fraud and theft cases," said Pam Clegg, the director of investigations and education for CipherTrace. "The CipherTrace Defenders League will be an elite corps of blockchain knowledgeable students who can conduct smaller-scale investigations. Their objective will be to produce actionable intelligence and evidence that can be used to recover stolen funds and ultimately prosecute those criminal actors responsible for the losses."
Founded in 2015, CipherTrace develops cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. Its cryptocurrency intelligence platform analyzes blockchains to trace over 800 currencies, including Bitcoin, Ethereum, Tether, Binance Coin and Litecoin.
In addition, CipherTrace has announced an upcoming series of CipherTrace Certified Examiner (CTCE) training events globally with boot camps also taking place in Monterey, London, Frankfurt, Singapore, San Francisco, Los Angeles, and New York. By participating in these one-day training events, attendees will gain the skills required to become expert cryptocurrency financial investigators. Remote training events will also be available each month.
In addition to free CTCE training, CipherTrace announced a $4.3 million software grant to the Defenders League to help students “visualize blockchain interactions and follow the money.”
“The CipherTrace Defenders League provides our students with hands-on experience researching and solving live financial crime cases using cutting-edge tools, allowing them to hone their skills while also performing a valuable service,” said Professor Moyara Ruehsen at the Middlebury Institute of International Studies in Monterey, California.
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