TRM Labs
@trmlabs
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Preventing fraud and financial crime for digital currencies
Cryptoverse
Joined September 2018
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Our mission is to build a safer financial system for billions of people.
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At least 120,000 Wrapped ETH worth over $324M were stolen today in what appears to have been a compromise of the Wormhole service on Solana. As of 5pm ET, about 96,000 of these WETH have been transferred to a single address on the Ethereum blockchain. TRM is tracking; stay tuned.
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Big day 🚀 Announcing the close of our Series B funding round led by
@TigerGlobalFund
. Read the full story here:
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Our current estimate of unauthorized withdrawals from FTX is $338mm.
As previously reported, some withdrawals are to FTX cold storage wallets. Our $338mm figure excludes clean funds under the control of FTX Group.
We’re monitoring the situation closely.
#FTX
#ftxwithdrawal
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We wrote a post about how we work with DeFi platforms to enable sanctions compliance. Read it here:
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Solfire Finance executed a rug pull on Jan 23, then bridged over $3 million in customer funds to Ethereum and provided approximately $1.8 million in liquidity to a DeFi protocol. Details here:
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The NFT community has suffered more than 150 compromises targeting NFT projects' Discord servers since May 2022. A sampling... (1/2)
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Chain-hopping via bridges has become one of the most popular money laundering methods for illicit actors. That's been a problem for crypto investigators — until now. Meet TRM Phoenix — automated cross-chain tracing through 12+ bridges & services:
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Proud to announce the launch of a new tool for the crypto community today,
@chainabuse
— a multi-chain platform where you can report and alert others to scams and fraud. It's free to use; join us in making the crypto economy a safer place to operate:
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Today we announced a $70mm expansion to our Series B funding round, bringing the raise to $130mm total. Excited to welcome new investors
@thomabravo
,
@GoldmanSachs
, Brevan Howard,
@GeodesicCap
and
@CMTDigitalLtd
& welcome back several existing investors.
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New analysis by TRM corroborates long suspected ties between ransomware groups Ryuk and Conti — and demonstrates how critical tracing the flow of funds can be in understanding the operation of cybercriminal organizations. Read the report here:
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We've raised $1.7M in a seed round led by Blockchain Capital to change growth and compliance for crypto companies.
Couldn’t be more excited to partner with an amazing team of investors!
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This morning OFAC sanctioned Ethereum-based crypto mixer Tornado Cash. Our analysis shows North Korean cybercriminals used the mixer to launder funds in all 10 of their most recent heists, including in the $620mm Ronin Bridge hack.
Read TRM's report:
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🇰🇵 Last month TRM’s Ari Redbord was joined by Dr. Jung H. Pak, Dr. John Park, and Nick Carlsen to discuss the evolving North Korean threat and how to mitigate it.
We rounded up our key takeaways from the discussion.
👉 Read the Recap here:
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Honored to be included on The Information's list of 50 Most Promising Startups
We are committed to building a safer financial system for billions of people - the future is bright at TRM! 🚀
@theinformation
In the hyper-growth crypto sector, pay attention to
@chia_project
,
@AudiusProject
,
@trmlabs
,
@zerion_io
,
@QuickNode
and
@mojito_nft
🪙
#ti50
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The Twitter Bitcoin Scam has already raked in more than $50,000 USD. It started approximately 3 hours ago.
TRM is monitoring the attack. All TRM customers, including cryptocurrency exchanges and custodians, will be notified if the fraudster attempts to deposit funds into them.
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Team TRM in action - building the 🚀 together!
👀
@joes_mcgill
@eliaskokaly
@patricksouth
@estebancastano
@ARedbord
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Those most negatively impacted by hacks are crypto users themselves. That’s why we are launching the TRM Beacon Network, which accelerates recovery of stolen funds by facilitating comms between law enforcement & crypto platforms during critical incidents
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TRM Labs has been named a
@ycombinator
top company for 2022 ✨ Congratulations to all of the other companies highlighted here:
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Awesome to see Rahul Raina, one of our fearless Co-Founders, featured on the Forbes 30 Under 30 list!
Congrats
@rahulr0609
🙌
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TRM welcomes Sujit Raman, former Associate Deputy Attorney General at DOJ and chair of the 2020 DOJ Cryptocurrency Enforcement Framework task force, who joins today as General Counsel:
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TRM’s mission is to build a safer financial system for billions of people.
In service of that mission, we built a free tool that empowers crypto platforms to detect exposure to sanctioned crypto addresses in real time. 🟢 The API is live — try it here:
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TRM's investigations team breaks down the flow of stolen funds following yesterday's Wormhole exploit here: (Cross-chain swaps like those that bridged the stolen WETH from Solana to Ethereum can be plotted automatically in TRM).
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Distrust and misunderstanding of crypto and blockchain slows adoption and weakens support from critical participants.
TRM exists to address these challenges.
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Update: The total ETH transferred to the single wallet was 93,750. The attacker pre-funded the Ethereum bridge address with a
@TornadoCash
deposit.
TRM continues to closely monitor this attack.
Stay tuned for further updates and analysis.
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After 2 years of debate and discussion, officials from the EU announced an agreement on the landmark Markets in Crypto Assets (MiCA) regulation — arguably the world’s most comprehensive legal framework for “crypto-assets.” Read TRM's key points to know:
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Meet TRM | Joe McGill
@joes_mcgill
- TRM Global Investigations Team
- Focuses on trending threats in crypto
- Previously w/ U.S. Secret Service and U.S. Postal Service Inspector General investigating complex cybercrimes + crypto fraud
- Based in Memphis, loves good BBQ
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Trust forms the foundation for innovators, governments and consumers to forge ahead in building a better financial system for all.
That's why we do what we do.
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Suspects accused of laundering funds stolen from Bitfinex in 2016 arrested today in NY. At the time of the breach, 119,754 in stolen BTC was valued at approx. $71 million. The stolen funds are valued at over $4.5 billion as of Feb 2022. Read more:
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The ~$100 million in assets stolen from
@harmonyprotocol
's bridge have been swapped for nearly 86K ETH and are now sitting in the original hack address👇. Next stop - a mixer? 🌪️
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Breaking news: the Executive Order on crypto is here. Read the quick take from TRM Head of Government Affairs
@ARedbord
here:
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What's in the new Crypto Enforcement Framework from the US Department of Justice?
Hear directly from fmr US Attorney Jessie Liu, fmr Associate Deputy Attorney General Sujit Raman, and Supervisory Special Agent Greg Monahan, CPA Cyber Crimes Unit, IRS-CI
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Fresh alpha: the TRM crew is at
@money2020
Europe this week and there's a hot 🔥 NFT drop scheduled! Stop by the TRM booth at A66 to see the 🌷 collection and enter to win 🖼
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👋 Twitter, TRM here.
We make best-in-class software to detect and investigate crypto fraud and financial crime.
If you love crypto, throw us a follow for analysis and insights.
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👋Here when you need us! TRM’s Incident Response team has been busy this week:
Crema wants to thank the Incident Response team at
@trmlabs
. This situation would not have been resolved this quickly without their skilled and professional assistance. We are glad to reach a long-term partnership with them to strengthen Crema’s risk management.
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Team TRM keeps adding all-stars! ⭐️
Excited to welcome former FBI Special Agent, Jennifer Vander Veer, who is joining TRM as a Product Strategist
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A safer crypto financial system enables a larger crypto financial system
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New blockchain integration 📣 TRM users now have the ability to monitor and investigate transactions on
@0xPolygon
for anti-financial crime compliance and risk management. TRM now covers 25 chains...and counting. 👀
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As LE agencies encounter more and more cases involving crypto, we're excited to launch TRM Tactical, the mobile-first forensics tool for frontline investigators who need to surface evidence, analyze wallets & kickstart investigations rapidly. Learn more:👇
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TRM is thrilled to welcome Roman Sannikov as head of cyberthreat intelligence.
Team TRM continues to add more stars to the roster.
These are the people making crypto safer as we build a new financial system for billions of people.
Welcome, Roman!
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Rose just earned her first-ever cryptoasset, TrueUSD by
@TrustToken
, by using TRM SmartDrops and
@CoinbaseWallet
! Visit to participate 😊
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TRM Insights | Behind Suex: the first sanctioned cryptocurrency exchange
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Want to stay on top of the stories that matter in digital assets and crypto?
Check out TRM Insights - you can even subscribe to get our expert analysis delivered fresh to your inbox.
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TRM Investigations • Tinyman: The First DeFi Exploit of 2022?
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BREAKING: OFAC Takes First Action Against Cryptocurrency Exchange and Issues Updated Ransomware Advisory
See exclusive TRM / OFAC interview here 👇
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North Korean hackers stole USD 600 million in crypto in 2023, TRM Labs research shows. Read the story now:
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📰 Big news today at TRM || CSITech — the leading crypto investigations training firm led by Nick Furneaux — is now part of the TRM family! Get the full scoop here: and learn more about our growing suite of training offerings here:
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Nomad update: a primary attacker appears to have stolen the largest single portion of the funds, approx $95 million. The rest of the stolen funds were distributed to a much wider spread of wallets, which could represent distinct attackers — or opportunists 1/3
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A warm welcome to Eddie Medak, who recently joined TRM as Chief Revenue Officer.
Mr. Medak will play an instrumental role in scaling the team and product portfolio to ensure that TRM continues to be the best partner to our customers.
Read more 👉
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Yesterday, TRM hosted UK public sector clients & friends at the US Embassy in London, where we explored emerging risks & typologies in crypto crime. Thanks to all who made this event possible, including our attendees, and
@USAinUK
for facilitating these important discussions.
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TRM Investigates: BadgerDAO DeFi Protocol Hacked
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This weekend, an unknown attacker created two tokens to execute a flashloan attack against Paraluni, a BNB Chain-based DeFi project. The names of the tokens: "Ukraine Bad" and "Russia Good." [1/2]
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Yesterday the Wintermute hacker sent 23,609,070 DAI, 29,461,533 USDT and 61,350,896 USDC to Curve. Today, an address used by the Omni Protocol exploiters - and at least one of the Nomad exploiters - started to move previously parked funds in a curiously similar fashion. 1/2
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"You can't flip a switch overnight and run a G20 economy on cryptocurrency." That's Todd Conklin of the U.S. Department of the Treasury in yesterday's TRM Talk on Russia sanctions. Watch the interview here:
#RussiaUkraine
#sanctions
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🎙️ On July 24, TRM Talks is joined by Rebecca Rettig, Michael Mosier, and Jai Ramaswamy to discuss the future of DeFi.
👉 Register here
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TRM Labs Acquires Bitcoinabuse - announces major upgrades to its Chainabuse platform for reporting malicious crypto activity.
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TRM is tracking a particularly insidious type of NFT scam on the rise — the bait-and-switch contract. Follow along and get tips to stay safe as we unpack a recent exploit here:
#NFTScam
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Join a special edition of TRM Talks today to hear more on the significance of Tornado Cash as a target of sanctions and what this means for crypto compliance teams day-to-day. We're live at 2pm ET today; register here:
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.
@ransomwhere_
is the latest partner to join
@chainabuse
, the community-powered scam reporting tool built by TRM. Data from
@jackhcable
's site now combines with reports filed by Chainabuse users. See the integration in action:
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#permissionless
lineup looking 🙌
@Blockworks_
If you're headed to Palm Beach next week, say hey to the crew from
@trmlabs
:
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In this textbook pig butchering case, USSS SF agents were able to follow the path of the stolen funds from unhosted wallets to a centralized exchange, ultimately recovering millions in victim funds. We unpack the full investigation here:
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TRM's Illicit Crypto Ecosystem Report is here: a comprehensive guide to illicit finance risks in crypto in 2023. As illicit actors move from Bitcoin to other chains, it's more important than ever to understand & mitigate risks as they evolve. Find it here:
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Earlier today,
@DeusDao
, a market for
#DeFi
services, lost ~$13.4M in a flash loan attack that manipulated its price oracle. A similar attack occurred only weeks ago for a loss of ~$3M. In both,
@TornadoCash
was used to prime the attack wallet and attempt to obscure stolen funds.
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TRM Insights: Liquid Hack - The Second Time Around
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Day 2 of
@token2049
London is in full swing!
🎤 Our Senior Policy Advisor presented on a panel with Bittex and EY, delving into the ever-changing crypto regulatory landscape.
📍Be sure to stop by booth PB6 to say hello and chat to our UK team about crypto compliance!
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New report from
@CNASdc
draws on TRM analysis to examine three major North Korean hacks and the Lazarus Group’s campaigns to steal, launder, and liquidate funds from cryptocurrency exchanges. Read the findings here:
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Recent hacks to Liquid and Poly Network have shown that protecting against cross-chain hacks is more important than ever.
TRM traces across more than 20 blockchains and over 360,000 digital assets.
We got this.
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...of TRM's analysis indicates dozens of these attacks are likely related. In the recent Yuga Labs exploit, a consolidation wallet used by the attacker was linked to wallets with direct exposure to other compromises from May & June. Read the report: (2/2)
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New
#OFAC
sanctions added 3 ETH addresses associated with
#LazarusGroup
. They received funds from the initial sanctioned address associated with the
#RoninHack
. TRM continues to track the movement of funds on chain.
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Three years after the fall of ISIS’s physical caliphate, crypto-based fundraising campaigns for ISIS families remain a significant driver of crypto use and innovation among ISIS supporters. Read the report from TRM's Threat Intelligence team here:
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Russia. Sanctions. || Tomorrow at 10am ET, Friday March 4, TRM is hosting a live conversation with officials from Treasury and the National Security Council on the U.S. government's approach to sanctions. Sign up here:
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We're pleased to announce our partnership with
@falconxnetwork
to streamline
#crypto
#compliance
. To learn more, read the full release on our blog!
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TRM's cross-chain analytics.
Why is it such a game-changer?
Because it enables seamless movement across blockchains to trace the flow of funds, visualize multi-layer relationships, and drastically reduce investigation time.
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⭐ In celebration of Women's History Month, today we celebrate the artist behind TRM’s brand → Magdalena “Mag” Fumagalli, our Designer.
🎨 Collaborative, unwavering in her work ethic, moving at incredible speed, she brings a tenacious spirit to everything she owns.
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The FBI disrupted the Qakbot botnet, a major cyber threat since 2008, seizing $8.6M in crypto and removing malware globally. This success, involving international collaboration and blockchain tracing, marks a significant win in combating cybercrime.
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TRM is talking Travel Rule🧳on Feb 8 with experts from
@notabene_id
,
@LunoGlobal
and InnoFi Advisory.
@ARedbord
will be asking the tough questions - register here:
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TRM Insights • New Years Edition 🎆
What 2022 Might Bring for Crypto Regs and Compliance
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TRM Weekly Roundup:
- ACAMS 2021
- Ethereum dev pleads guilty to facilitating sanctions evasion
- Switzerland's FINMA approves crypto fund
- China's crypto notice
- NFL goes NFT
👇
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TRM Labs has identified at least $4.461 billion in incoming volume between Jan-Oct 2022 related to “mega” investment fraud schemes, of which 11 of the largest schemes accounted for about 75% of the total amount.
🔎 Find out more in our latest blog:
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