Having spent eight years in government intelligence, Todd Lenfield knows a thing or two about tracking down criminals on the web – and he says narratives about the prevalence of crime in the crypto industry are overblown
which aims to examine, challenge and demystify the ideas behind the emerging industry by speaking to the people who live and breathe it.I’ve always had an unhealthy interest in finance - I’ve been trading FX, CFDs, stocks and options for 20-plus years as a side thing because I like numbers. From a work perspective, I started studying IT a long time ago, got a role in intelligence in Australia, and spent eight years working as a network engineer.
It’s very different. There’s the reactionary side, but then there’s also the proactive work that we enabled through having increased visibility of the crypto space. Because the blockchain is public, it’s live, and we do real-time monitoring of it - that’s a game changer for organisations. It’s definitely overblown. The key piece of crypto is transparency - the fact that we can show you, on-chain, the crime and illicit activity we see, no one can do that with fiat currency, it’s not possible. We don’t know how much cash Pablo Escobar had hidden and how much the rats have eaten. In crypto, the rats are like Tornado Cash or CryptoMixer. They take that little piece out of it, but we can still see where those funds are.
The smart contract components and what they can be applied to is remarkable technology, things like proving where your wine came from, and mitigating counterfeiting. Provenance is a way NFTs can be utilised across the globe.
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