Financial infidelity has become increasingly sophisticated, as investors “hop” coins across blockchains and sink their cash into metaverse properties.
, with a collective market cap of $1.1 trillion.
In one case, Himonidis found around $700,000 worth of monero on a MacBook that turned up in discovery. Mark DiMichael, who has been in the forensic accounting field for more than 14 years and is a certified cryptocurrency forensic investigator, described one case to CNBC in which a divorcing couple had a stand-off over a password-protected Ledger device.
New York divorce attorney Sandra Radna told CNBC that right at the beginning of a case, when she serves the summons and complaint for a divorce, she also asks for a preservation of assets — known as the"automatic orders" in New York. At this point, Radna said, she singles out computer hard drives in her request, to ensure that nothing will be destroyed.
Bill Callahan of the Blockchain Intelligence Group said that with that wallet address, crypto hunters are able to tell the attorney or the attorney's investigator that they should go to a specific exchange to request more information. In one case, Himonidis said, he had to track around $2.3 million that was emptied out of a Coinbase account within a few months of divorce proceedings commencing. The crypto coins hadn't been cashed out to fiat but instead moved as crypto to addresses outside Coinbase in a series of approximately 14 outbound transfers.
Blockchains have their own native tokens. With ethereum, for example, the token is ether. Developers have built cross-chain bridges to let users send tokens from one chain to another. Transfers of digital assets between chains has helped to expand the crypto market by giving people more ways to pay and transact. Cross-chain bridges are vital to the development of the decentralized finance, or DeFi, space, which is crypto's alternative to the banking system.
"It lends itself very well to people who have figured out how it works and understand what's going on there," said Himonidis."It's this constant arms race."
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