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BIG Blockchain Intelligence Group Inc. ("BIG") Announces Director of Forensics and Investigations' Two-Stage Strategy For Solving Global Bitcoin Laundering Problem

VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- BIG Blockchain Intelligence Group Inc. ("BIG" or "the Company") (CSE:BIGG) (WKN:A2JSKG) (OTC:BBKCF), a developer of Blockchain technology search and data analytics solutions, is pleased to announce the Company's two-stage strategy for working with law enforcement, finance and eCommerce sectors to investigate, track, and monitor illicit activity involving cryptocurrencies, such as Bitcoin. Leading the charge on the strategy's rollout is Former Special Agent Robert Whitaker, BIG's recently appointed Director of Forensics and Investigations.

Mr. Whitaker underscored the timeliness of the strategy announcement in light of the Reuters news article from December 14, 2017 regarding U.S. prosecutors charging a Long Island, New York woman with laundering over $85,000 in fraudulently obtained money through Bitcoin to help ISIS.

Mr. Whitaker commented, "We developed our flagship product, QLUE, to be the solution to this problem. QLUE's tracking and tracing capabilities enable law enforcement and financial institutions to level the playing field and catch the people that make up this quickly adapting criminal element."

BIG's two-stage strategy involves (1) working with the law enforcement and financial sectors to fully expose the scope of the global Bitcoin laundering problem, and then (2) providing a suite of proprietary tools needed to reduce the risk of illicit activities while also finding and rooting out the people and criminal activities behind the problem.

Mr. Whitaker commented, "It wasn't commonly known until now that Bitcoin was being used for terrorist financing, which is understandable since Bitcoin is designed to have a high degree of anonymity compared to traditional currencies. But what we at BIG have always explained is that Bitcoin is only pseudo-anonymous. So, in the same way that crime scene investigators use UV light to reveal evidence that was previously hidden, our first step is to work together with QLUE to clearly see what is really going on with this problem."

As Bitcoin and other Blockchain cryptocurrencies continue to become more widely used and accepted, the opportunity for the criminal element to defraud unsuspecting investors and bypass law enforcement efforts continues to grow. Evidence of the need to address this problem is already common:

  • According to Cointelegraph, a website dedicated to cryptocurrency information and news, losses connected to cryptocurrency crime so far in 2017 amount to approximately $225 million.

  • Reuters reported on December 15, 2017 that European Union states and legislators agreed on stricter rules to prevent money laundering and terrorism financing on exchange platforms for Bitcoin and other cryptocurrencies.

  • The U.S. Securities and Exchange Commission has charged a number of companies with defrauding investors through Initial Coin Offerings (ICOs), an unregulated Blockchain workaround for raising money quickly and outside of standard channels.

Mr. Whitaker is currently using BIG's proprietary software QLUE (Qualitative Law Enforcement Unified Edge) to target several categories of criminal activity presently associated with cryptocurrency use, including:

  • Sale of illicit goods
  • Financing criminal activities (including terrorism)
  • Money laundering
  • Ransomware

In turn, BIG and QLUE are creating a “paper trail” or cyber-trail by gathering evidence, tracking movement of funds, engaging in transaction risk assessment, and ultimately connecting criminals with their crimes.

About BIG Blockchain Intelligence Group Inc.

BIG Blockchain Intelligence Group Inc. (“BIG”), has developed from the ground up a Blockchain agnostic search and analytics engine allowing RegTech, Law Enforcement & Government Agencies to trace, track and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank Verified, offers a “risk score” for Bitcoin wallets allowing banks, exchanges and eCommerce sites to meet traditional regulatory/compliance requirements.

BIG Blockchain Intelligence Group Inc.

Lance Morginn

CEO & Co-Founder

D: 1-778-819-8702


Forward-Looking Statements:

Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIG’s expectations include, consumer sentiment towards BIG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

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