Bitcoin Payout Address Blockchain

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The number of cryptocurrencies has skyrocketed since the release of Bitcoin’s source code in 2009, with more than 7,800 different currencies being released and a total market value of over 545 billion USD. Even though Ethereum, Monero, and Tether are becoming more popular every day, Bitcoin is still the main player holding 62.3% of the total cryptocurrency market capitalization and over 350,000 daily transactions.

Blockchain.info Bitcoin Transforms in Maltego 🔗︎

As the price of Bitcoin reaches all-time highs, we think it’s a great time to release an update to our Blockchain.info Transforms. This Hub Item visualizes the Bitcoin blockchain, providing rich details on all Bitcoin addresses and transactions. With the current update, it is now easier to get all details regarding a specific Bitcoin address or transaction, the handling of unsupported Bitcoin addresses has been improved, new Transforms were added, and a new Entity —the Bitcoin Block Height Entity— was introduced.

In this article, we will explore some of the Hub item’s new features by examining why seemingly anonymous Bitcoin transactions can be traced, how to trace them and see if we can find a connection between a mysterious Bitcoin whale (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a), and the founder of the Silk Road.

Bitcoin is not Anonymous 🔗︎

Though rising in popularity, Bitcoin and other cryptocurrencies have not entered the mainstream as a widely accepted, everyday means of payment. They still carry a negative connotation by evoking images of ransomware, hackers, and internet drug deals. And these perceptions were not improved by the over 790 USD million worth of Bitcoin that were spent in the darknet during 2019. In 2016, only 2% of customers in Germany used Bitcoins and other cryptocurrencies to perform daily transactions, and in 2017 the head of JP Morgan declared that cryptocurrencies were only of use for drug dealers, murderers and people living in North Korea or Venezuela (JPMorgan has since seemed to have had a change of heart and has created the JPM Coin).

You would think that criminals would choose an untraceable and completely private payment option, but Bitcoin is by design, one of the most transparent currencies out there. This transparency helps to carry out the transactions in a decentralized manner.

Normally, when you transfer government issued currency, a bank will update its records, lower your balance, and credit somebody else’s. This all happens behind closed doors, and only you will know the details of your account. This process requires a central bookkeeper whom you have to trust — in this case, the bank and banking system, as well as its record-keeping integrity.

For this same process to work without a central authority (e.g., a bank), the creator of Bitcoin developed the blockchain. The Bitcoin blockchain is a ledger (record) distributed among many different nodes (computers) that are updated every time a new Bitcoin transaction is made. Anybody can run a node and observe the transactions being executed. Ledgers therefore permit Bitcoin to function with distributed, instead of centralized, accountability.

Some cryptocurrencies use obfuscated ledgers (see Monero), but Bitcoin does not. This means that anybody can observe every Bitcoin transaction ever made (and possibly graph it using Maltego). The balance of every Bitcoin address (account) is then also discoverable. This leads to addresses with large balances garnering much attention online. The 1933p Bitcoin address is one of such addresses, with a peak value of 2 billion USD.

Let’s explore this address in Maltego.

Tracing Transactions through the Blockchain 🔗︎

To follow this walk-through, ensure that have the free Blockchain.info (Bitcoin) Hub item installed in Maltego.

Insert the 1933p Bitcoin address as a Bitcoin Address Entity. By running the new To Details [BlockChain.com] Transform, we can see that, although now empty, this address has received 111,114.65 BTC, which are currently valued at over 2 billion USD.

To find out how this address got its Bitcoins, we can select it and run the To Inbound Transactions [BlockChain.com] Transform.

A total of 147 transactions are returned, but we will only pay attention to the first two transactions received, for we are assuming that the owner of the account most likely had direct involvement in its first movements.

To find out which Transactions were likely executed first, we will use blocks and block height. As previously mentioned, Bitcoin transactions are stored in a distributed ledger called the blockchain made up of collections of transactions called “blocks” which are chained together.

A block’s height is the number of blocks between a given block and the first block ever mined (a.k.a. the Genesis Block). Since transactions are progressively collected into blocks, those belonging to blocks with a lower block height usually occur before transactions with higher block heights. However, this is not always the case given that transactions are not added to a block immediately, but it can be a reliable rule of thumb, especially with larger differences in block height.

You can find a transaction’s block height in Maltego by looking at the Property View, but we will use the new To Block Height [BlockChain.com] Transform in order to group the transactions by block height. This Transform will return a Bitcoin Block Height Entity for each corresponding transaction.

To find out which Transactions occurred first, we will select all Block Height Entities returned, and sort them by value.