Tracing Crime Across On and Off Chain: Opportunities and Limits

Key Takeaways

• Stablecoins now dominate illicit flows: USDT — particularly on Tron — is increasingly the asset of choice due to speed, low cost, liquidity, and price stability. This shift also creates better opportunities for timely seizure and recovery.
• On-chain analysis is only half the picture: Criminals quickly transition from blockchain activity to OTC desks, off-ramps, and exchange environments where visibility drops and internal transfers can obscure attribution.
• CARF data will support investigations — and strain systems: Proactive reporting will give agencies stronger starting intelligence, but only if they can ingest, analyse, and share the data at scale.
• Public–private collaboration is now essential: Faster freezes, coordinated recoveries, and cross-border action require tight cooperation between exchanges, analytics firms, legal specialists, and law enforcement.
• Success is disruption: Full recovery isn’t always possible — but delaying cash-out, interrupting movement, or forcing criminals to adapt still meaningfully reduces harm.
• The reality: Crypto hasn’t made crime invisible; it has made it faster. Our investigative tools, operational coordination, and legal processes must match that speed.

Speakers:

Emma Shaw – TRM Labs

Hugo Hoyland – Asset Reality

Sam Bawtree – HMRC

Adrian Morris – Grant Thornton