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Bitcoin Investigations: Evolving Methodologies and Case Studies

Abstract

Andrew L Reid and Douglas A Orr

Bitcoin is a decentralized, pseudonymous, virtual currency which has been linked to many nefarious activities, such as money laundering, ransomware demands, and the purchase of contraband goods and services. Although it has many redeeming features such as low transaction costs, no charge-backs, and service to the world’s 2.5 billion unbanked, the public has become aware of Bitcoin through spectacular news stories of corruption and criminal activities. Techniques to investigate Bitcoin and to identify its users are therefore required to enforce laws and protect the public. This paper discusses what Bitcoin is and how it works, and explores various investigative methodologies to perform Bitcoin network analysis, transactional analysis, and wallet analysis. Finally, this paper discusses emerging issues and suggests areas for improvement with the goal of gaining general acceptance of investigative techniques for admissibility as scientific evidence in courtroom testimony.