Cryptoassets and asset recovery
What does it take to recover a cryptoasset?
Locating funds is the first step. Recovery depends on the evidence, the measures that can be enforced and who controls the asset.
Fictional case
From transaction to recovery
After a fraud, some of the money is converted into cryptoassets. Explore the decisions each finding prompts and the evidence still needed.
01 Tracing
Reconstruct how the funds moved
- What we know
- A transaction linked to the fraud leads to an address that redistributes funds. The public record shows the order of those movements.
- What still needs corroboration
- Which flows can be linked to the fraud and how confidently they can be attributed.
- Next decision
- Identify the funds of interest and record what can be observed directly on-chain.
02 Attribution
Corroborate the trail with further evidence
- What we know
- The trail points to an address that may be linked to a cryptoasset service provider.
- What still needs corroboration
- Who controls the address and which external records corroborate that hypothesis.
- Next decision
- Identify the records that need to be preserved and who can provide them through the appropriate channels.
03 Freezing
Determine who can enforce the measure
- What we know
- The asset has been located. The custody arrangement affects how a measure might be enforced.
- What still needs corroboration
- Which authority and jurisdiction are competent, and who has effective control of the asset.
- Next decision
- Determine the scope of the measure and how it will be enforced through the applicable channels.
Compare two custody arrangements
Service provider custody
Identify the entity holding the funds and the jurisdiction where a measure can be enforced. Distinguish access to account information from authority to freeze the assets.
Self-custody
Determine what can be established about control of the asset. If a measure is authorised, plan who will take custody and how its enforcement will be recorded.
04 Management
Preserve the asset pending a decision
- What we know
- In this fictional case, the measure has been enforced and the asset remains in custody.
- What still needs corroboration
- How the chain of custody will be recorded, who is responsible for managing the asset and how its eventual disposal will be documented.
- Next decision
- Establish a custody and monitoring plan pending the competent authority’s decision on the asset.
Analysis
From tracing cryptoassets to recovering them
On-chain tracing can reveal part of the path funds took. Recovery requires corroborating evidence, an enforceable measure and a plan for managing the assets.
Read the analysisBuild walls or build bridges?
The convergence of banking and cryptoassets brings new opportunities. Protecting them means that authorities, banks and service providers need to learn to work together before fraud occurs.
Read the articleSpeaking
Madrid, Spain AML Forum 2026 Announced talk
iKN lists Raimundo Alvarino in the programme for its anti-money laundering forum.
Bogotá, Colombia National Day for the Prevention of Money Laundering Event schedule
‘The dark web and the lifecycle of modern fraud’. The published report on the UNODC event describes the talk and its focus on evidence and behavioural patterns.
Palma de Mallorca, Spain RegSymp 2026 Announced panel
‘Global Regulatory & Policy Outlook’. The programme announced a panel on regulation, supervision and public policy in digital finance.
León, Spain Cybersecurity Summer BootCamp Listed in programme
‘Investigating cryptoassets’. The session appears in INCIBE’s programme for the judicial track.
Biography
Raimundo Alvarino writes articles and gives talks on cryptoasset tracing and recovery. He combines his passion for digital assets with teaching and public engagement, focusing on how to turn an on-chain trail into a decision that can be acted on. He examines in depth what the analysis shows, how attribution is established, what evidence is needed to establish control of the funds, and how to co-ordinate preservation and recovery. His materials are intended for professionals working in justice, financial investigation and compliance.
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