Posted 1 year ago | by Ben Armstrong

CipherTrace Launches Educational Program to Detect Cryptocurrency Scams

CipherTrace is a cryptocurrency analytics firm, and it announced that it is working to help students become crypto savvy. It just launched a program in cooperation with the Middlebury Institute of International Studies of Monterey as well as Middlesex University London, and the Blockchain Acceleration Foundation (BAF).

The new program is designed to provide students with the training and tools necessary to investigate crypto-related scams, and is named “Defenders League.”

In the beginning, The Defenders League will consist of graduate students from Middlebury and Middlesex, and BAF students at nine universities located in California. According to Cointelegraph, John Jeffereies, CipherTrace’s chief financial analyst, commented that the Defenders League’s objective is to make the crypto economy safer for consumers and investors.

From Jeffereies via Cointelegraph:

“Together, the collaborating entities will empower students with training and tools to investigate crypto-related scam and fraud cases, helping to make the crypto economy safer for everyone.”

CipherTrace is Looking for Scams

Jefferies told Cointelegraph that CipherTrace will train and certify students to use its financial investigation software, which is used to detect money laundering, power law enforcement investigations and enable regulatory supervision.

The company will providing a $4.3 million USD grant to the Defenders League to help students visualize blockchain interactions, allowing them access to the CipherTrace data visualization tool, which is a standard component of the software.

The students in the Defenders League will have complete access to the professional version of the company’s software, called CipherTrace Investigator Plus, which supports over 800 tokens.

Options for Law Enforcement

According CipherTrace’s chief financial analyst, students in the training program will receive class credit while providing services to help recover “small” losses that are typically too small for law enforcement officials to investigate.

Further, Jefferies told Cointelegraph that CipherTrace is working on an initiative to grant software licenses to researchers and instructors at other universities and even to the United Nations by bringing several more institutions on board to join the Defenders League.

Also, CipherTrace will be offering free “CipherTrace Certified Examiner” (CTCE) one-day training events. Boot camps will take place in Monterey, London, Frankfurt, Singapore, San Francisco, Los Angeles, and New York.

Jefferies mentioned these courses aim to provide attendees with the skills required to become expert cryptocurrency financial investigators and emote training events that will be available each month.

He added this course was not a motivating factor for developing the program, instead of that he explained that training students are a way to give back to the blockchain community:

“CipherTrace Cryptocurrency Intelligence has the information, but our team doesn’t have the time to investigate each case. This is an opportunity for CipherTrace to give back to the blockchain community by helping to remove the taint of illicit finance, dark markets and scammers from virtual assets.”

Meanwhile, Sukhvinder Hara, senior lecturer in digital forensics at Middlesex University London suggested that the training CipherTrace provides will enhance employment opportunities for anyone who takes part.