Top 15 Crypto Forensics Tools (2024)

By Crypto Gloom On Mar 5, 2024

Crypto forensics, also known as cryptocurrency forensics, is a specialized field dedicated to investigating, analyzing, and interpreting data on blockchain networks. It plays a pivotal role in uncovering evidence related to illegal activities within the field of cryptocurrencies, where transactions are securely recorded on decentralized and immutable ledgers.

Key tasks within crypto investigation involve scrutinizing transaction histories, identifying patterns of suspicious behavior, tracing fund flows across blockchain networks, and ultimately assisting in the recovery of lost or stolen cryptocurrencies. Moreover, crypto forensics tools play a crucial role in providing insights and evidence essential for regulatory reporting and legal proceedings.

In this blog, we will explore some of the best blockchain forensics tools, highlighting their significance in investigating, analyzing, and interpreting blockchain data for various forensic purposes, including crypto scam recovery and prevention.

Crypto forensics tools play a crucial role in various aspects of this digital ecosystem, ranging from enhancing security and conducting fraud investigations to supporting compliance and regulatory efforts.

Crypto investigation tools analyze and maintain transparency within blockchain ledgers, while expert witness services provide crucial technical expertise in legal cases. Furthermore, these tools assess risks, do crypto scam recovery, evaluate security, and investigate activities on digital wallets and exchanges.

Let us see their importance in different aspects of crypto forensics.

Security & Fraud Investigations: Crypto investigation tools enhance security and conduct fraud investigations within the cryptocurrency ecosystem. These tools trace stolen funds, identify individuals behind illicit activities, and assist victims in recovering lost assets.
Compliance & Regulatory Support: Crypto investigation tools aid compliance and regulatory efforts in the cryptocurrency space. They facilitate audits, conduct due diligence processes, and perform risk assessments to ensure transactions comply with regulations.
Transaction Analysis: These tools track fund flow across blockchain networks, detect suspicious activities, and provide evidence for legal proceedings, maintaining the integrity of cryptocurrency transactions.
Asset Recovery: Crypto investigation tools trace lost or stolen cryptocurrencies and do crypto recovery of assets involved in criminal activities, restoring confidence in digital asset security.
Blockchain Forensics: Blockchain forensics tools analyze blockchain ledgers, extract information, identify patterns, and uncover anomalies to maintain transparency and trustworthiness.
Expert Witness Services: Crypto investigation professionals offer expert testimony in legal cases related to cryptocurrency crimes, providing valuable technical expertise.
Risk Assessment: Crypto investigation tools evaluate cryptocurrency, exchange, and blockchain project security, identifying and mitigating potential risks and vulnerabilities.
Digital Wallet & Exchange Investigations: These tools investigate digital wallet and exchange activities, supporting legal and regulatory actions to ensure accountability and trust within the cryptocurrency space.

In this section, let us see the top 15 crypto forensics tools.

Bitquery is a blockchain data analytics platform, that supports real-time and historical data access from various networks like Bitcoin and Ethereum. It has a customizable GraphQL API, with which users can extract datasets for precise analysis of data. It also provides advanced analytics tools for transaction monitoring, smart contract analysis and insights into token transfers and DeFi activity. It also addresses security and compliance needs with AML and fraud erection services.

Coinpath® by Bitquery serves as a sophisticated tool for tracing crypto transactions, offering detailed insights into the movement of digital assets across various blockchain networks.

It provides users with a comprehensive understanding of transaction flows, including the identification of origin, destination, and associated addresses involved in each transaction.
With its powerful analytics capabilities, Coinpath® helps investigators unravel complex transaction patterns, enabling the detection of suspicious activities and facilitating fraud detection and prevention efforts.

Crypto Investigation Services:

Through the use of Bitquery’s own advanced blockchain analysis tools, they assist in tracking stolen funds across the blockchain, facilitating the recovery process.

Crypto Compliance & AML Services:

Bitquery offers comprehensive compliance and anti-money laundering (AML) services to help organizations maintain regulatory compliance and mitigate financial risks:

Transaction Monitoring & Detection: Bitquery develops robust risk assessment systems to identify and flag suspicious activities such as fraudulent deposits and withdrawals, ensuring adherence to regulatory standards.
Crypto Forensic & Digital Asset Tracking: Bitquery’s advanced forensic tools enable real-time monitoring of wallet activities and provide detailed insights into digital asset movements, enhancing investigative capabilities and ensuring transparency in financial transactions.

MoneyFlow

Coinpath® MoneyFlow is a cutting-edge solution designed to track the flow of funds across blockchain networks, providing users with advanced capabilities for analyzing and visualizing cryptocurrency transactions.

With features such as automated tracing and clustering, MoneyFlow streamlines the investigative process, saving time and minimizing errors.
The platform offers intuitive visual tools for investigators, allowing for clear and concise visualization of money flows, which can be customized with notes and tags for enhanced analysis.
MoneyFlow supports cross-chain tracing and provides detailed transaction reports and case management tools, empowering investigators to efficiently handle complex crypto-related cases and collaborate effectively with team members.

Chainalysis is a prominent blockchain forensics and analytics platform established in 2014, dedicated to empowering investigators, law enforcement agencies, and financial institutions in understanding and analyzing blockchain transactions. Here are the key features of Chainalysis.

Tracking Funds: Chainalysis enables investigators to trace the flow of funds within blockchain networks, facilitating the identification of transaction patterns and movement of digital assets.
Attribution of Addresses: Through advanced clustering techniques and attribution algorithms, Chainalysis helps in associating blockchain addresses with real-world entities, aiding in the identification of individuals or organizations involved in cryptocurrency transactions.
Real-Time Monitoring: Chainalysis offers real-time monitoring capabilities, allowing users to stay informed about the latest transactions occurring on the blockchain. This feature is crucial for detecting and responding promptly to suspicious activities or emerging threats in the cryptocurrency space.
Advisory Services: Chainalysis provides multi-disciplinary expertise consulting on geopolitical and cybersecurity threat actors and their utilization of cryptocurrency, offering insights to both private-sector businesses and public-sector agencies.
Mission Support: Chainalysis supports investigative teams by augmenting them with fully embedded staff possessing cryptocurrency and investigative expertise, assisting in complex case resolution or pursuing funds post-theft.
Investigative Assistance: When necessary, Chainalysis assists investigative teams in solving complex cases or pursuing funds after a theft, leveraging its deep expertise and industry-leading software tools and data.

Elliptic is a blockchain analytics and forensics platform, renowned for its extensive suite of tools tailored to meet the requirements of financial institutions, law enforcement agencies, and cryptocurrency enterprises. Specializing in blockchain forensics and compliance, Elliptic offers specialized solutions to analyze blockchain activities and ensure adherence to regulatory standards. Here are the key features of Elliptic:

Real-time monitoring: Demonstrates expertise in real-time monitoring and analysis of cryptocurrency transactions. Its platform facilitates the tracing of funds across diverse blockchain networks, furnishing valuable intelligence on the movement of digital assets.
Risk Scoring: Utilizes sophisticated risk-scoring mechanisms to support compliance endeavors, assisting businesses in recognizing and mitigating risks associated with money laundering, fraud, and other illicit activities.
AML & KYC: Offers regulatory compliance solutions, enabling businesses to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations effectively.

CipherTrace, a top-tier blockchain forensics and intelligence platform, specializes in delivering solutions for tracking cryptocurrency transactions, ensuring compliance, and conducting investigations. The platform offers a variety of tools tailored to tackle the intricate challenges linked with cryptocurrencies.

Armada: Cryptocurrency Risk and Fraud Controls for Financial Institutions: Helps banks, payment providers, and regulators detect virtual currency-related transactions for risk and fraud models by connecting legal names and account numbers to VASPs. VASP Risk Monitor lets users analyze VASP-related data like asset profiles, location, and transactional risk. .
Inspector: Financial Investigations and Blockchain Forensics: Offers a vast database linking crypto-addresses to real-world organizations, IP addresses, and events, aiding in investigative efforts. Features complete transaction histories and a graphical explorer to track financial flows, along with integrated case management tools.
Sentry: Cryptocurrency Anti-Money Laundering Transaction Monitoring: Enables VASPs like crypto exchanges to screen transactions for suspicious activity, ensuring compliance with AML and CFT regulations. Provides real-time monitoring tools, rules creation, alerts, workflow capabilities, and API access for integration into third-party applications.
Virtual Entity Risk Assessment: Risk-based evaluation of VASPs: Evaluate the risk of VASPs and other virtual asset-related entities across various factors, using proprietary tools and data to highlight risk considerations for clients.
Professional Services: Crypto risk management consulting and advisory: Offers consulting and advisory services to help clients implement and enhance compliance controls, mitigating risks associated with cryptocurrency exposure.
Traveler: Travel Rule Compliance for Virtual Asset Service Providers: Assists financial organizations and cryptocurrency exchanges in complying with global Travel Rule regulations and FATF recommendations. Ensures secure exchange of Travel Rule originator/beneficiary information, even with VASPs lacking a dedicated solution, and compatible with international messaging standards like IVMS.

Crystal Blockchain, created by Bitfury, is a modern tool for analyzing and understanding cryptocurrency transactions. It helps businesses and banks follow rules, like those about money. It also helps teams find and stop bad things like fraud. With Crystal Blockchain, you can see and follow where the money goes, helping you understand its history.

Its key features include

Link Transactions to Real-World Entities: Connect pseudonymous blockchain transactions with real-world entities, revealing the identities of organizations or individuals involved. Detailed reports featuring clear visuals illustrate transaction flows, offering insights into how activities are connected to the broader context.
Recover Lost or Stolen Crypto Assets: Assist individuals, businesses, and law enforcement agencies in tracing and retrieving lost or stolen cryptocurrencies. Blockchain forensics experts analyze complex transactions, identify suspicious addresses, and provide actionable insights for asset recovery efforts.
Build Evidence for Legal Cases: Provide expert witness testimony and evidential statements concerning blockchain analysis for criminal and civil legal cases. Tailor services to individual cases, prioritizing confidentiality and security measures.

AnChain.AI collaborates closely with law enforcement agencies to tackle the rising prevalence of cryptocurrency in criminal activities, including terrorist financing and fraud. Their blockchain analytic tools streamline investigative processes, swiftly identifying and addressing malicious actors.

AnChainAI Solutions:

Investigation: It utilizes AI forensics to investigate crypto crimes thoroughly and efficiently.
Compliance: IT also ensures strict adherence to global regulatory standards within the cryptocurrency space.
Security: It also implements measures to safeguard Web3 digital assets against potential risks and threats.

Nansen is a leading blockchain analytics platform that specializes in providing insights and intelligence for cryptocurrency investors, traders, and organizations. It offers a comprehensive suite of tools and features designed to help users navigate the complexities of the cryptocurrency market and make informed decisions.

Analytics: Know the alpha insights using a powerful no-code crypto analytics platform. Also, you can set up Smart Alerts to stay informed about specific on-chain activities.
Research and Portfolio Management: You can access professionally researched insights via the Nansen Research Portal. Manage personal or organizational holdings efficiently with Nansen Portfolio.
Business and Customer Intelligence: You can benchmark market share against competitors across different user segments. Also, you can gain insights into customer behavior and develop strategies for customized products and services.
Ecosystem Growth and Investment: You can evaluate the ecosystem’s success against others and develop strategies for growth. You can access Nansen’s underlying data and proprietary indicators for investment and trading strategies.
Diverse Chain Support and Smart Money Labels: It supports 9 chains including Ethereum, Polygon, BNB Chain, and more. It also provides Smart Money labels for tracking the behavior of top investors.

TRM Labs is a prominent provider of blockchain intelligence and risk management solutions, specializing in assisting organizations in understanding and mitigating risks associated with cryptocurrency transactions.

Established with a focus on empowering financial institutions, cryptocurrency businesses, and law enforcement agencies, TRM Labs offers innovative tools and services tailored to the unique challenges of the digital asset landscape.

Transaction Monitoring and Analysis: TRM Labs offers robust transaction monitoring and analysis tools. Organizations can efficiently identify and respond to potential threats associated with cryptocurrency transactions, including money laundering and fraud. The platform provides detailed insights and analysis, empowering users to mitigate risks effectively.
Anti-Money Laundering (AML) Compliance Features: TRM Labs includes advanced features designed to ensure compliance with anti-money laundering (AML) regulations. These features help organizations adhere to global regulatory standards and requirements. By leveraging TRM Labs’ AML compliance tools, businesses can easily deal with the complex landscape of cryptocurrency transactions with confidence.

BlockSci is an open-source tool tailored for forensic analysis and deep exploration of cryptocurrency transactions. It serves as a flexible and transparent solution, catering to the needs of researchers, developers, and forensic investigators alike.

Multi-Blockchain Support: BlockSci provides support for multiple blockchains, enabling users to analyze transactions across various cryptocurrency networks. Users can delve into transaction data from different blockchain platforms, enhancing their understanding of cryptocurrency behaviors and trends.
Advanced Visualization Tools: Visualizations play a crucial role in identifying patterns, relationships between addresses, and overall transaction behaviors within the blockchain. BlockSci offers advanced visualization features that aid users in visualizing and interpreting complex blockchain data effectively.
Privacy-Centric Cryptocurrency Handling: BlockSci includes methods to handle privacy-centric cryptocurrencies, ensuring comprehensive analysis even in the presence of privacy features. Users can explore transactions involving privacy-focused cryptocurrencies with transparency and accuracy, contributing to thorough forensic investigations.

Elementus is a specialized blockchain analytics platform designed to provide in-depth insights into blockchain transactions. Tailored for financial institutions, cryptocurrency businesses, and regulatory authorities, it aims to enhance transparency, compliance, and risk management in the cryptocurrency ecosystem.

Fraud Detection and Prevention: Elementus includes robust tools for detecting and preventing fraudulent activities within blockchain transactions. These features ensure the security of financial transactions and mitigate the risks associated with fraudulent behavior.
Smart Contract Analysis: The platform offers advanced capabilities for analyzing smart contracts on blockchain networks, particularly Ethereum. Users can gain insights into the functionality and behavior of smart contracts, facilitating informed decision-making and risk management.
Real-World Entity Identification: Elementus assists investigators in identifying the real-world entities behind cryptocurrency transactions. By tracing transaction flows and analyzing associated data, Elementus contributes to enhanced transparency and accountability within the cryptocurrency ecosystem.

Coinfirm offers a blockchain analytics and forensics platform enabling users to track and analyze the movement of digital assets. Users can identify patterns and potential anomalies in transactions, enhancing their understanding of cryptocurrency activities.

Compliance Tools for Regulatory Adherence: Coinfirm provides essential compliance tools, including features for anti-money laundering (AML) and know your customer (KYC) compliance. These tools assist financial institutions, regulatory bodies, and cryptocurrency businesses in adhering to regulatory requirements and standards.
Detailed Transaction Analysis: The platform offers detailed transaction analysis capabilities, providing users with in-depth insights into cryptocurrency transactions. Users can conduct forensic analysis, identify transaction trends, and gain valuable insights to support risk management efforts.

Trusted by over 70 companies, Merkel Science offers a comprehensive suite of tools and services designed to address the diverse needs of stakeholders in the cryptocurrency space, ensuring compliance, security, and risk management.

Machine Learning Transaction Monitoring: Utilizes machine learning and behaviour-based techniques for transaction monitoring, ensuring efficient risk mitigation and compliance.
DeFi Risk Management: Provides DeFi de-risking features, including liquidity pool and smart contract risk scores, to mitigate risks associated with decentralized finance activities.
Web3 Crime Prevention: Offers detection, prevention, and investigation tools for Web3 crimes, enhancing security and regulatory compliance in decentralized environments.
Cross-Chain Attack Prevention: Implements strategies for preventing cross-chain attacks and automating investigations to enhance security across multiple blockchain networks.
Enhanced Due Diligence: Enables enhanced due diligence and entity reporting, facilitating thorough assessments of counterparties and transactions in the crypto space.
Crypto Compliance Training: Provides training and educational resources for crypto compliance and investigation, empowering users with the knowledge and skills needed to navigate regulatory requirements effectively.

IntoTheBlock offers a suite of intelligent financial services in one platform, powered by artificial intelligence and tailored for institutional investors in the decentralized finance space.

Market Intelligence: Provides advanced analytics for institutional investors, offering insights across blockchains and crypto assets.
DeFi Smart Yields: Offers institutional-grade solutions for DeFi investment, implementing quantitative strategies and risk management.
DeFi Risk Radar: Monitors economic risk in DeFi with real-time signals and a visual interface.

Scorechain is a blockchain analytics platform that provides transparent and comprehensive insights into blockchain transactions. It is designed to serve financial institutions, cryptocurrency businesses, and regulators, aiming to facilitate compliance with regulations, enhance risk management, and promote transparency within the cryptocurrency ecosystem.

Real-Time Transaction Monitoring: Scorechain offers real-time transaction monitoring capabilities, enabling users to track the movement of digital assets across different blockchain networks. Users can access up-to-date insights into transaction activities, facilitating proactive risk management and compliance efforts.
Identification of High-Risk Activities: Scorechain aids organizations in identifying high-risk activities such as money laundering or fraud within blockchain transactions. By using advanced analytics, users can detect suspicious patterns and take proactive measures to mitigate potential threats effectively.
Secure Trading Environment Maintenance: Scorechain helps maintain a secure trading environment by preventing illicit activities on the platform. Through comprehensive insights and risk management tools, organizations can uphold transparency and integrity within the cryptocurrency ecosystem.

Solidus Labs is a platform specializing in crypto transaction monitoring, particularly in detecting suspicious on-chain and off-chain cryptocurrency deposits and withdrawals. It is designed to provide comprehensive solutions for compliance and risk management in the cryptocurrency industry.

Through advanced analytics and monitoring techniques, Solidus Labs helps organizations identify potentially fraudulent activities, ensuring regulatory compliance and enhancing security measures in the crypto space.

Trade Surveillance: Monitor orders, executions, and decentralized exchange (DEX) trades to identify deviations from market norms, thereby promoting market integrity.
Transaction Monitoring: Identify, investigate, and report suspicious cryptocurrency deposits and withdrawals, ensuring adherence to anti-money laundering (AML) regulations.
Threat Intelligence: Identify scam tokens to safeguard customers from DeFi fraud and shield organizations from web3 money laundering risks, reinforcing overall security measures.

In this section, we will explore key factors to consider when choosing crypto investigation tools, helping investigators make informed decisions to enhance their investigative capabilities and achieve successful outcomes in the rapidly evolving landscape of cryptocurrency investigations.

Blockchain Network Support: Ensure that the tools you choose are compatible with the relevant blockchain networks you intend to investigate. Look for tools that specialize in analyzing specific blockchain networks, as they may offer more tailored insights and functionalities. With Bitquery, you can query 40+ blockchain data such as trades, transfers, balances, NFTs, tokens, and more using powerful GraphQL APIs.
Comprehensive Transaction Analysis: Seek out tools with robust transaction analysis capabilities to delve deeply into transaction histories and patterns. Features such as fund tracing, exploration of transaction histories, and analysis of inputs and outputs are crucial for gaining a comprehensive understanding of blockchain transactions.
Address Attribution and Clustering: Effective address attribution techniques are vital for accurately tracing transactions and identifying individuals or entities involved. Tools equipped with clustering algorithms can help associate addresses with real-world entities, providing valuable insights into transaction networks and patterns.
Risk Scoring Mechanisms: Evaluate tools based on their ability to assess and score risks effectively, such as money laundering or fraud. Identifying and scoring risks enables investigators to prioritize their efforts and focus on areas of highest concern.
Visualization Tools: Look for tools with effective visualization capabilities that can help make sense of complex blockchain data. Visual representations, including transaction flows and address relationships, offer intuitive insights into transaction patterns and connections.
Pricing: Consider the pricing model and cost structure of the tools, ensuring they align with your budget and requirements. Assess the value offered by the tools with their pricing, considering factors such as features, support, and scalability. Choose a pricing model that can accommodate your investigative needs as they evolve.

In conclusion, the world of cryptocurrencies is complex, and special tools help people understand and investigate it better. These tools, like the ones we talked about, are important for making sure that cryptocurrency transactions are safe and honest. They help people see where money is going, find fraud, and even get back stolen money.

When picking these tools, it’s important to think about what you need. You should consider things like which cryptocurrencies the tools work with, how well they analyze transactions if they can trace addresses, how they measure risks, if they have easy-to-understand pictures, and how much they cost.

These tools are essential for stopping bad things like fraud and making sure cryptocurrency transactions are secure and honest. As the world of cryptocurrencies keeps changing, these tools will keep playing a big role in keeping things safe and fair for everyone involved.