Public Key

In the last year alone, IRS-CI identified more than $10 billion in financial crime executed over 1400 warrants, seized hundreds of millions of dollars in assets and maintained one of the highest conviction rates in federal law enforcement. 

But how do they amass these groundbreaking stats? In this episode, Matt Wilson (Director, Product Strategy, Chainalysis) speaks with Trevor McAleenan (Acting Supervisory Special Agent, IRS-CI) and he provides unique insights into the division's accomplishments and their recent Annual Report. 

The team discusses the evolving landscape of financial crime as cryptocurrency becomes a significant player, while shedding light on huge cases, including Armenian narcotics networks, and Chinese nationals peddling fentanyl precursors. The discussion also touches on the future of crimefighting in the world of AI and cryptocurrency, emphasizing the agency's global partnerships and strategic innovations.

Minute-by-minute episode breakdown
2 | Inside IRS Criminal Investigations and Major Cryptocurrency Seizures

4 | Trevor McAleenan's Dynamic Career in IRS Criminal Investigation

7 | The Evolution of Cryptocurrency in Criminal Investigations

10 | Major Crypto Cases and Successes for IRS-CI 

14 | Seizing Cryptocurrency: Challenges and Unexpected Discoveries

18 | Cracking Down on Darknet Drug Trafficking Through Cryptocurrency

23 | AI and Cryptocurrency in Modern Criminal Investigations

27 | IRS-CI's Global Impact and Career Opportunities

 

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: IRS Criminal Investigation (IRS-CI) serves the American public by investigating potential criminal violations of the Internal Revenue Code

Publication: IRS-CI 2025 Annual Report

Press Release: U.S. Attorney Announces Historic $3.36 Billion Cryptocurrency Seizure And Conviction In Connection With Silk Road Dark Web Fraud

Press Release: Bitfinex hacker sentenced in money laundering conspiracy involving billions in stolen cryptocurrency

Press Release: Bitcoin Fog Operator Sentenced for Money Laundering Conspiracy

Blog: North Korea Drives Record $2 Billion Crypto Theft Year, Pushing All-Time Total to $6.75 Billion

Blog: $35 Million in Crypto Drained in 15 Minutes: How Exchange Hacks Are Evolving and How to Prevent Them

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: Building trust in blockchain

Speakers on today’s episode

Matt Wilson *Host* (Director, Product Strategy, Chainalysis)

Trevor McAleenan (Acting Supervisory Special Agent, IRS-CI) 

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

FATF has rolled out their most comprehensive guidance on asset recovery and the entire digital asset industry should take notice. 

In this episode, Jim Lee (Global Head of Capacity Building, Chainalysis) talks with both, Aidan Larkin (Co-Founder & CEO, Asset Reality) and Hugo Hoyland (Chief Strategy Officer, Asset Reality) and leverages their transformative experiences and efforts toward developing efficient solutions for managing seized digital assets.

They outline the significant challenges faced by investigators globally, they are spearheading efforts to streamline asset recovery processes through innovative platforms like Asset Reality and highlighting the best practices mentioned by the renewed focus from international bodies like the FATF in their guidance

The trio discuss the importance of public private partnerships to bridge knowledge gaps and coordinate cross border recovery operations effectively and highlight partnerships with Operation Shamrock and the critical role that swift and capable asset management plays in the modern fight against financial crime.

Minute-by-minute episode breakdown
2 | Challenges and Innovations in Global Asset Recovery

5 | FATF Guidance and Importance of Seizures and Forfeitures in Investigations

10 | Improving Global Asset Recovery Through Effective Management Practices

14 | Challenges and Strategies in Digital Asset Seizure and Management

19 |  Solutions in Government Asset Seizure Management

25 | Importance of Public Private Partnerships in Law Enforcement

29 | Private Sector's Role in Asset Recovery and Law Enforcement

32 | Global Success in Digital Asset Seizures and Financial Crime Expertise

39 | Complexities of Crypto Asset Seizure and Forfeiture

43 | Government Strategies for Liquidating Digital and Physical Assets

46 | Improving Global Asset Recovery and Standardizing Seized Asset Data

51 | Operation Shamrock and Asset Recovery in Crypto Investigations

 

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: Asset Reality: One platform to seize and manage all assets

Publication: FATF releases detailed guidance to help practitioners recover criminal assets

Announcement: Asset Reality and Operation Shamrock Form Strategic Alliance to Build Law Enforcement Infrastructure to Seize & Manage Crypto Assets

Article: Operation Destabilise: NCA exposes billion-dollar money laundering network that purchased bank to fund Russian war effort

Blog: U.S., U.K., and Australia Target Russian Cybercrime Infrastructure Supporting Global Ransomware Operations; U.S. Targets Crypto Laundering of Global Drug Trafficking Network

Blog: FATF Issues Comprehensive Guidance on Virtual Asset Recovery: What Law Enforcement Needs to Know

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: Building trust in blockchain

Speakers on today’s episode

Jim Lee ** Host** (Global Head of Capacity Building, Chainalysis)

Aidan Larkin (Co-Founder & CEO, Asset Reality)

Hugo Hoyland (Chief Strategy Officer, Asset Reality) 

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

$15 Billion crypto seizures, SouthEast Asia scam compounds with thousands of victims and the life savings of hard working professionals being wiped out by transnational criminal organizations. In this episode, Andrew Fierman (Head of National Security Intelligence, Chainalysis) and Erin West (Founder, Operation Shamrock), don’t hold back in sharing the nuances of pig butchering, national security and everything to do with crypto sanctions and victim support. 

Erin describes the comprehensive scam strategies and shares her perspective as she travels the world and investigates steps away from some of the biggest scam compounds the industry has ever seen.

Andrew emphasizes the enormous scale of financial operations linked to illicit activities, evidenced by the staggering figures tied to entities like Huione and Prince Group and the importance of cross-sector collaboration and proactive regulatory measures in mitigating these threats.

Through real-life anecdotes and expert analysis, the episode provides listeners with a deeper understanding of the complexities and ongoing efforts to combat transnational organized scam networks.

Minute-by-minute episode breakdown
2 | Introduction: Crypto Natsec and Pig Butchering

4 | Erin's Background in High Tech Crime

8 | Understanding Pig Butchering Scams

15 | Global Collaboration Against Organized Crime

18 | Gift Cards as a Money Laundering Tool

22 | Southeast Asia Scam Compounds

27 | Chen Zhi and Prince Group’s Sanction Analysis

30 | Practical Advice on How Anyone Can Combat Pig Butchering

33 | Closing Thoughts and Resources

 

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: Operation Shamrock: Educate. Mobilize. Disrupt: Stopping Scams Together

Podcast: Stolen: A Podcast with Erin West

Article: The Pig Butchering Lifecycle: Organized criminals use a highly scripted process and human trafficking to get as much money as they can from individual victims.

Article: How scammers use crypto ATMs to launder millions from victims

Blog: DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network

Blog: Five Key Takeaways from MSMT’s Report on North Korean Cyber Operations

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: Building trust in blockchain

Speakers on today’s episode

Andrew Fierman (Head of National Security Intelligence, Chainalysis)

Erin West (Founder, Operation Shamrock)

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

The murder-for-hire case of Ron Ilg, seems like it was pulled directly from a Netflix documentary, but this is a real life case involving cryptocurrency and multiple FBI agents. Beth Bisbee (Director Product Strategy, Chainalysis Government Solutions) leads the discussion with the Supervisory Special Agent, Forensic Analyst and Special Agent that were tasked with this complex and riveting case.

This FBI-led investigation involving a murder-for-hire case facilitated via the dark web, featuring cryptocurrency payments, seed phrases on sticky pads, guns, cash and biometric safes. 

The team details their journey, from the initial tip-off involving a custody dispute and an alleged plot to harm a spouse, to navigating the complexities of tracing cryptocurrency on the blockchain. The discussion zeros in on how the newly created  Virtual Currency Response Team played a critical role in unraveling this case by leveraging blockchain analysis despite the perpetrator's attempts to obfuscate transactions using mixers. With cooperative efforts involving international exchanges and Bitcoin ATMS.

This gripping discussion highlights how the FBI team unraveled the complexities of the case using modern investigative techniques involving blockchain forensic analysis and traditional detective methods combined to thwart a potentially tragic crime.

Minute-by-minute episode breakdown
2 | FBI Agents Entrance To Crypto By Using It To Investigate Darknet Markets 

5 | Exploring the Murder-For-Hire Case of Ron Ilg

8 | Introduction of the Virtual Currency Response (VCR) Team

12 | Major Breakthrough in Case When Reconstituting Crypto Wallets

17 | Connecting Intelligence From Exchanges and Bitcoin ATMs 

22 | Main Accelerants in the Case That Drove Huge Results

25 | Finding the Seed Phrase Safe at Ron’s House Changed Dynamic of Case

29 | Challenges and Hurdles That Arose During the Investigation

33 | The FBI Leverages Previous Murder-For-Hire Case in Investigation 

35 | Analyzing Ron Ilg’s Plea Deal and Sentencing 

37 | The Biggest Takeaways for the FBI in this Crypto Investigation

 

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: Mission First: To protect the American people and uphold the Constitution of the U.S.

Press Release: Former Spokane Neonatologist Pleads Guilty in Plot to Hire Multiple Hitmen to Kidnap His Estranged Wife and Assault a Former Colleague

Report Online Scams: Internet Crime Complaint Center (IC3) is the central hub for reporting cyber-enabled crime.

Blog:  The 2025 Geography of Crypto Report (Download Now!)

Blog: DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network

Blog: How Coinbase’s Proactive Fentanyl Investigation Sprint Disrupted Criminal Networks with Chainalysis Intelligence

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: Building trust in blockchain

Speakers on today’s episode

Beth Bisbee (Director Product Strategy, Chainalysis Government Solutions)

Supervisory Special Agent (SSA), Federal Bureau of Investigation (FBI))

Special Agent (SA), Federal Bureau of Investigation (FBI))

Forensic Analyst, Federal Bureau of Investigation (FBI))

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

The FBI created the Virtual Assets Unit to spearhead the agency’s efforts alongside a network of distributed experts to combat the misuse of digital currencies in criminal activity.

In this episode, Gurvais Grigg (former Chief Technology Officer, Global Public Sector, Chainalysis) gained insights from Patrick Wyman (Unit Chief - Virtual Assets Unit, Federal Bureau of Investigation (FBI)) into the intricacies of the FBI's approach to managing and monitoring virtual assets.

Patrick Wyman shares insights from his extensive career focused on white-collar crimes and articulates the critical importance of fostering collaboration among personnel and divisions, highlighting the unit's journey from a segmented array of expertise to a cohesive force capable of tackling financial crimes across all investigative areas.

This episode dissects the FBI's innovative strategies to maintain efficiency and agility amidst the rapidly evolving virtual asset landscape, but also highlights the challenges the public sector has in staying ahead of the crypto criminals. 

Minute-by-minute episode breakdown
2 | Patrick's Journey at the FBI and Leading the Virtual Assets Unit 

5 | Exploring FBI's Approach to Virtual Assets and White Collar Crime

8 | FBI's Virtual Assets Unit Unifies Expertise Across Divisions

12 | Enhancing Crypto Literacy and Leadership Engagement in the FBI

15 | Emerging Threat Typologies in Crypto Crime 

19 | Managing Expertise and Resources in a Dynamic Environment

24 | Seizing Crypto Assets to Disrupt International Criminal Activities

29 | Challenges and Future of Cryptocurrency in Law Enforcement

33 | Building Sustainable Programs Through Strategic Planning and Growth

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: Mission First: To protect the American people and uphold the Constitution of the U.S.

Press Release: ABA Foundation and FBI Release New Infographic to Help Americans Spot and Avoid Deepfake Scams

Blog: How Chainalysis Helped the FBI Track Down and Freeze Millions in the Caesars Casino Ransomware Attack

Article: United States Files Civil Forfeiture Complaint Against $225 Million in Funds Involved in Cryptocurrency Investment Fraud Money Laundering

Blog:  The 2025 Geography of Crypto Report (Reserve Your Copy Now!)

Blog: DPRK IT Workers: Inside North Korea’s Crypto Laundering Network

Blog: Customer Spotlights: Hear from Zodia Custody, Grant Thornton and many more

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: Building trust in blockchain

Speakers on today’s episode

Gurvais Grigg (former Chief Technology Officer, Global Public Sector, Chainalysis)

Patrick Wyman (Unit Chief - Virtual Assets Unit, Federal Bureau of Investigation (FBI))

This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.

Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.