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Cryptocurrency flows can often be followed from one address to another on a public ledger, but a trail of transactions is not the same as proof of who controlled the wallets or why the transfers occurred. Tracing across blockchains is harder: investigators need evidence linking a transfer or service on one network to activity on another, then independent evidence to support attribution.
What a crypto trace can show
A blockchain records transactions on its own network. By following transaction records, an analyst can map where assets moved, when transfers occurred, and which addresses sent or received them. That can support a reconstruction of value movement on that ledger.
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The record does not automatically identify a person, establish who had control of an address, explain the purpose of a transfer, or prove that a crime occurred. Those are separate conclusions that require supporting evidence. A wallet address is an identifier on a network, not a name.
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How to trace a flow step by step
- Preserve the starting evidence. Record the address and transaction hash, asset and network, date and time, amounts, source of the lead, and any relevant communications or exchange records. Keep original records intact and label observed facts separately from hypotheses.
- Follow activity on the relevant ledger. Review incoming and outgoing transactions and record amounts, timing, and counterparties at each hop. Keep the transaction identifier and network with every entry; similar-looking addresses or assets on different chains must not be conflated.
- Mark junctions where interpretation may change. Flag transfers into exchanges, other services, or intermediary addresses. A service may hold account or transaction records that are not visible on the public ledger. The U.S. Department of Justice’s 2020 North Korean hacks case study and its 2025 forfeiture complaint announcement describe investigators examining intermediary addresses, exchanges, blockchain analysis, and other investigative techniques.
- Establish cross-chain links separately. If value appears to leave one network and later appear on another, document the source-chain activity, any evidence of a conversion or service, and the destination-chain activity as distinct parts of the trace. Do not infer common ownership just because amounts or timing appear to align.
- Corroborate attribution. Seek independent evidence that can connect an address or account to a person, business, or service. Depending on the case and applicable law, that may include service records or other investigative evidence; public transaction data alone may not supply it.
- Label conclusions by their status. Distinguish a directly observed transaction from a clustering or attribution hypothesis, an investigative finding, an allegation, a seizure, and a final court finding. Preserve uncertainty rather than presenting a suspected link as established fact.
What patterns may warrant closer examination
Patterns can help investigators decide where to look next, but none is standalone proof of laundering or identity.
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- Peel chains: A larger balance is sent through repeated transactions, with some value sent out along the way while a remainder continues onward. The DOJ’s 2020 North Korean hacks case study illustrates this with a hypothetical 100 BTC example and notes that sophisticated actors may use hundreds of transactions. The 100 BTC figure is an illustration, not a measured case amount or prevalence statistic.
- Intermediary addresses and exchange activity: Funds may pass through multiple addresses or exchange accounts. The DOJ case study describes this as alleged conduct in a particular investigation; an intermediary address by itself does not establish who controlled it.
- Automated transactions and account cycling: In its 2022 announcement concerning the Bitfinex hack proceeds, DOJ alleged that programs automated transactions and that funds were deposited and withdrawn through exchange and darknet-market accounts. Those are allegations in that case, not a universal signature of laundering.
- Mixing or tumbling services: DOJ’s National Cryptocurrency Enforcement Team identifies these services among enforcement focus areas. Their use can be an investigative lead, but that fact alone does not establish that every use is criminal.
Why chain hopping makes a trace harder
Chain hopping is movement from one cryptocurrency to another. DOJ’s 2020 Cryptocurrency Enforcement Framework and its North Korean hacks case study describe it as a way that may be used to obfuscate a transaction trail. It creates a linkage problem: transactions on each network may be visible, while the conversion or service connecting the two may require separate evidence.
A sound trace therefore keeps three questions distinct: what happened on the source chain, what evidence documents the conversion or intermediary, and what happened on the destination chain. Without that connecting evidence, a destination-chain transaction is not proof that a particular source-chain transfer funded it or that the same person controlled both addresses.
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How different evidence sources contribute
| Evidence source | What it can establish | What it does not establish by itself |
|---|---|---|
| Public transaction records on a particular chain | Transfers, addresses, timing, and amounts recorded on that ledger. | The real-world identity behind an address, motive, or criminal intent. |
| Cross-chain conversion or service evidence | A supported link between activity on one network and activity on another, if the records connect them. | Common ownership of addresses merely because amounts or timing correspond. |
| Exchange or intermediary service records | Potential account and transaction details held by that service, subject to access through appropriate process. | That an account holder committed an offense; the records need context and corroboration. |
| Blockchain-analysis labels or clustering | An investigative hypothesis that addresses may be related, depending on the basis for the label. | A confirmed identity or conclusive proof of common control. |
| Independent investigative evidence | May corroborate who controlled an address or account and how it relates to a suspected offense. | A conclusion beyond what the underlying evidence and procedural record support. |
What official cases illustrate—and what they do not
Official case announcements show how ledger analysis can contribute to an investigation, but their figures and procedural posture are case-specific.
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- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
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- 2025 civil forfeiture complaint: DOJ said it filed a complaint concerning more than $225.3 million in cryptocurrency alleged to be linked to investment-fraud proceeds and laundering. The announcement also reported more than $5.8 billion in cryptocurrency investment-fraud losses during 2024, a figure from FBI IC3 as reported by DOJ—not a measure of laundering or all cryptocurrency crime. The complaint’s allegations are not an adjudicated finding.
- 2020 Silk Road forfeiture action: DOJ described tracing a Bitcoin address as part of an investigation and said blockchain analysis was combined with other investigative techniques, including specialist assistance. The release concerned allegations in a civil complaint and stated that the government had the burden to prove forfeiture; it should not be treated as a general guarantee that an address trace identifies a person.
- 2024 Bitcoin Fog verdict announcement: DOJ reported IRS Criminal Investigation analysis that approximately 486,861.69 BTC received directly from darknet markets was associated with Bitcoin Fog funds, valued at about $54,897,316 at the time of the transactions. This is a historical, case-specific analysis, not a current valuation or a figure for total proceeds. IRS Criminal Investigation Chief Jim Lee said: “IRS Criminal Investigation special agents are specially equipped to follow the complex financial trail left by criminals, and we are dedicated to holding those accountable for crimes committed.”
- 2022 Bitfinex hack prosecution announcement: IRS-CI Deputy Chief Thomas Fattorusso said: “IRS-CI special agents are specially trained to trace complex cryptocurrency transactions across multiple blockchains.” The announcement concerned allegations about laundering proceeds from that hack; it does not establish that every cross-chain trace can be resolved.
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