On-Chain Heroes Help Close Cryptocurrency Cases And Return Millions Of Stolen Dollars

Cryptocurrencies surge in popularity daily. Bitcoin’s value escalates, drawing interest from both major and minor investors. An influx of DeFi apps adds to the landscape. However, the initial reception of cryptocurrencies painted them as tools for criminals to cloak their activities—a perception that lingers to some degree. 

Earlier this month, Jaime Morgan, CEO of the largest U.S. bank, voiced a blunt stance on crypto: “If I was the government, I’d close it down.” There’s a kernel of truth in that Illicit activities within the crypto sphere have led to losses amounting to billions in recent years. Noteworthy figures in the industry have faced charges of money laundering, resulting in multimillion-dollar fines.

Yet, the spotlight shifts to the North Korean Lazarus Group, which, this year, unleashed a series of attacks on major cryptocurrency exchanges, making off with more than $400 million in crypto value at the time. Numerous other nefarious activities, whether directed at crypto businesses or exploiting the pseudonymous nature of cryptocurrencies, have either facilitated criminal activities or impeded tracking efforts from law enforcement agencies. 

Amidst the cascade of incidents, it’s become rather easy to receive news of staggering losses or thefts in the crypto industry. Whether it’s hacking, fraud, ransom or the all-too-familiar romance or pig-butchering scams, many now perceive crypto through a lens of negativity.

Despite the attempts to smear the reputation of cryptocurrencies and debate their worth, another cadre of people who advocate for the positive aspects crypto brings to the surface. They see a future where crypto can change the ways of finance while mitigating current risks. These are on-chain sleuths who work independently to unveil illicit activities, pinpoint the culprits, and disassociate the negative elements from the reputation of cryptocurrencies. These adept investigators successfully close numerous cases, returning millions in stolen funds. They independently investigate and expose illegal activities. Eventually, they create detailed reports, blog posts, and social media threads to disseminate their findings to victims and the public.

These sleuths wield potent tools – not six-shooters, but blockchain explorers, transaction analytics, and forensic software.

ZachXBT

From rug pull survivor to crypto’s Sherlock Holmes. ZachXBT‘s journey started not as a detective, but as a victim. He, like many early crypto enthusiasts, fell victim to a “rug pull” scam, where developers abandon a project, leaving investors with worthless tokens. This personal setback fueled ZachXBT’s determination to protect others from similar fates. Meet ZachXBT, an anonymous online sleuth who has become widely known as “crypto’s Sherlock Holmes.”

In 2021, ZachXBT began exposing suspicious projects and questionable influencer endorsements. His detailed threads, backed by on-chain data, social media trails, and public records, resonated strongly with the community. His Twitter following soared, as he gained fame for uncovering rug pulls, pump-and-dump schemes, and market manipulation.

ZachXBT diligently tracks stolen funds, analyzing wallet addresses, transaction volumes, and smart contract interactions. He pieces together clues from seemingly innocuous comments, sharing his findings in detailed, often thrilling Twitter threads.

Supporters hail ZachXBT’s work as crucial in cleaning up the crypto industry. He has helped recover millions of dollars for scammed investors, alerted law enforcement to criminal activity, and compelled projects to improve their transparency practices. He is, without a doubt, a catalyst for positive change in the industry.

Spreekway

Spreekaway is another prominent on-chain sleuth with more than 30,000 followers on X. He gained prominence for acting swiftly on various high-profile crypto fraud incidents, including the BonqDAO security breach. Spreekaway raised the alarm on X, providing real-time updates on the two-stage attack that targeted the Polygon-based lending and stablecoin protocol where $120M was at stake.

However, Spreekaway’s initial acclaim came when they were the first to spot and alert the community about the major Nomad bridge hack, solidifying their standing as a reliable source of real-time crypto intelligence. Investors, DeFi enthusiasts, and journalists avidly follow Spreekaway’s insights, which often ignite crucial conversations and influence market sentiment.

BoringSleuth

A well-renowned crypto researcher and on-chain investigator. More than 27,000 followers look out for regular alerts from TruthLabs/@BoringSleuth on potential fraud and scams. This independent investigator shares comprehensive posts, attaching evidence of blockchain transactions and open-source intelligence to document findings and raise awareness in the community. In one of his biggest recognitions, @BoringSleuth accused Tron and Ethereum of ties to a criminal drug cartel and the CCP.