Investigators can often follow stolen cryptocurrency across public blockchains, but a visible transaction trail is not the same as knowing who controls a wallet—or getting the funds back. Tracing combines ledger data with transaction-pattern analysis, other investigative evidence and, when funds reach a service provider, records obtained through appropriate legal process.
What cryptocurrency tracing can—and cannot—show
On a public blockchain, transfers between addresses are recorded and can be examined after a reported theft. An address, however, is generally pseudonymous: the ledger shows activity, not a person’s name. The U.S. Department of Justice (DOJ) describes blockchain analysis as a way to identify patterns among addresses and potentially connect activity to an owner or group; attribution remains an investigative inference that needs context and corroboration. DOJ’s court filing explains the distinction.
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A trace can help investigators identify where assets went, develop leads and seek action from a service provider or court. It does not by itself identify a human being, freeze an account, authorize seizure or guarantee that stolen assets will be returned.
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How investigators follow stolen funds
1. Start with a transaction or address linked to the theft
Investigators begin with a known starting point—for example, an address or transaction associated with the compromised exchange—and inspect the relevant blockchain’s public transaction history. They can follow transfers from that point, but an address alone does not disclose its owner.
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2. Analyze how addresses receive, split and combine funds
Investigators examine the flow of funds: whether assets are grouped, split among addresses or sent onward in patterns that may connect activity. The DOJ filing describes commercial analysis services that cluster addresses using transaction data. Such a cluster is an analytical link, not proof that every address has the same owner.
3. Follow conversions and movement between blockchains
Funds may pass through intermediary addresses or services and be converted into another cryptocurrency. The DOJ calls conversion between cryptocurrencies “chain hopping”; in a 2020 announcement about alleged exchange thefts, it described funds moving through addresses and exchanges and sometimes being converted to bitcoin (BTC) or Tether. Those claims appeared in a forfeiture matter; the allegations were not a determination of liability.
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Movement across chains adds complexity, but it does not necessarily erase transaction records. In a case study published October 1, 2026, blockchain-analysis firm Chainalysis reported that funds from the September 24 Bitget theft moved across Ethereum, XRP, Zcash and Tron within the first three hours. The company said its investigators matched deposits on one network to payouts on another using cross-chain protocols. These are Chainalysis’s account and figures, not independently verified findings here. Read the Chainalysis case study.
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4. Seek records from exchanges or other service providers
If funds reach an exchange or exchanger, investigators may seek records that connect activity to an account. The DOJ says exchanges collect identifying information and that subpoenas or other appropriate legal process can sometimes reveal who was responsible for a transaction. Whether records exist and can be obtained depends on the provider, jurisdiction and process available.
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5. Treat intervention as a separate legal and operational step
Tracing may help an exchange monitor assets or inform an investigation, but stopping or taking control of funds requires more than locating them. Chainalysis describes a U.S.-focused seizure process involving evidence, coordination with an exchange or custodian and judicial authorization. That is the vendor’s general description of a process in the United States, not a universal procedure for every jurisdiction. Chainalysis explains the process.
Why tracing outcomes differ from case to case
A trail may be easier to interpret or act on when transaction records are available and investigators can confidently connect activity across addresses or chains. Outcomes can become harder when funds pass through many intermediaries, conversions, bridges or protocols, or when there is no reachable service provider holding useful records. Even when a provider is identified, cooperation and the legal process needed to intervene affect what can happen next.
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In a 2020 announcement, the DOJ described a July 2019 incident involving over $272,000 in alternative cryptocurrencies and tokens allegedly stolen in an exchange hack, as well as nearly $2.5 million allegedly stolen in a related September 2019 incident. It said funds were traced through intermediary addresses and exchanges, including after conversion to BTC or Tether. Those figures and descriptions concern allegations in that matter, not a general measure of tracing success. The DOJ announcement gives its account of the case.
For a more recent example, Chainalysis reported that $387 million was stolen from Bitget on September 24, 2026, and that the funds moved across four chains in the first three hours. The company also said it used AI-assisted automation with human review and investigative direction. These details reflect the vendor’s account in its case study; an evolving investigation can change. They do not establish how often tracing succeeds: the cited sources do not establish a general recovery rate or average recovery time.
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Tracing is not the same as recovery
There are several distinct steps between observing a transfer and returning assets to a victim:
- Tracing: documenting transactions and following the movement of funds.
- Attribution: assessing who may control relevant addresses, using transaction patterns and other evidence.
- Identification: connecting activity to a person, which may require service-provider records and appropriate legal process.
- Freezing or seizure: obtaining cooperation or legal authority to prevent movement or take control of assets.
- Recovery: arranging the return of assets, which is not assured even if earlier steps succeed.
These stages can involve different investigators, providers and legal requirements. A trace can support further action without ensuring that funds can be stopped or returned. In the U.S. case described in the DOJ’s 2020 announcement, then-IRS Criminal Investigation Chief Don Fort said: “Despite the highly sophisticated laundering techniques used, IRS-CI’s Cybercrimes Unit was able to successfully trace stolen funds directly back to North Korean actors.” That statement concerns the case at hand; it is not a promise of universal traceability or recovery.
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