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Home Blockchain

Why Blockchain Is a Double-Edged Sword for Criminals

by Crypto News
June 15, 2022
in Blockchain
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Why Blockchain Is a Double-Edged Sword for Criminals
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Chainalysis’ Jackie Burns Koven Shares Netwalker Ransomware Disruption Highlights

Mathew J. Schwartz (euroinfosec) •
June 15, 2022    

Why Blockchain Is a Double-Edged Sword for Criminals



Jackie Burns Koven, cyberthreat intelligence lead, Chainalysis

The disruption of the Netwalker ransomware group in January 2021 by U.S. and Bulgarian authorities resulted in the seizure of $30 million, the largest-ever recovery of ransomware funds, but it was also notable for the way cybersecurity teams took down the group.

See Also: Fireside Chat | Zero Tolerance: Controlling The Landscape Where You’ll Meet Your Adversaries


The Netwalker operation demonstrated how blockchain will be an Achilles’ heel for cryptocurrency-using criminals because it allows a minimum of a few of their actions to be tracked, says Jackie Burns Koven, cyberthreat intelligence lead at blockchain analytics agency Chainalysis.


In a video interview with Data Safety Media Group at RSA Conference 2022, the place she served as a session panelist for “BTC as an IOC: Inside the Largest Ever Ransomware Funds Seizure,” Koven discusses:



  • Highlights from the January 2021 Netwalker disruption, together with the arrest of a key affiliate;

  • Why blockchain generally is a double-edged sword for criminals;

  • How the ransomware, ransomware-as-a-service and affiliate-based ecosystem is anticipated to evolve.


At Chainalysis, Koven has been monitoring ransomware operators and their enablers on blockchain for 3 years. Previous to becoming a member of Chainalysis, she served within the U.S. intelligence group.

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