Cryptocurrency has changed how people move money. It makes transactions faster and cuts out middlemen. But that same freedom gives scammers and criminals more ways to hide.
In 2024, Forbes reported that illicit crypto activity was projected to exceed $51 billion. This data shows how serious the problem has become. More teams now rely on investigation tools to trace stolen funds, analyze suspicious wallets, and manage cases with confidence. These tools help you follow the money and build a clear picture of what’s happening on-chain.
This blog explores ten of the most trusted crypto investigation tools. Let’s look at how these tools work and what makes them reliable for real-world investigations.
1. Bitquery’s MoneyFlow
MoneyFlow is Bitquery’s newest crypto investigation platform built specifically for law enforcement, forensic teams, and financial crime analysts. You can trace funds, analyze wallets, and build full case reports across 40+ blockchains without writing a single line of code.
This tool combines automated tracing, clustering logic, and clean visuals into a single workspace. You can follow suspicious activity across decentralized exchanges, bridges, mixers, and even anonymized transaction flows.
How MoneyFlow Lite Works
The core of MoneyFlow Lite runs on Bitquery’s Coinpath® APIs. These APIs collect and enrich blockchain data from dozens of supported chains. Once a wallet or transaction is entered, the platform uses indexed data to fetch historical and real-time paths of funds, showing each step through a graph-based visual interface.
Each wallet is matched against attribution datasets. When patterns are found, the platform uses clustering logic to group related addresses. This process takes only a few seconds, which reduces manual effort and eliminates tracking errors in complex cases.
You can switch between tracing modes, explore wallet relationships, and download reports with tags, notes, and timestamps. Their extensive documentation gives you detailed tutorials on how to trace hacks and scams using Moneyflow.
Investigation and Tracing Features
- Cross-Chain Fund Tracing Across 40+ Blockchains: You can trace the flow of assets across multiple chains, including Bitcoin, Ethereum, Solana, BNB Chain, Polygon, and more, using real-time indexed data.
- Multi-Hop Clustering Logic: The platform automatically detects transaction paths that span through hundreds of wallets. Related addresses are grouped into entity clusters to simplify analysis.
- Visual Fund Flow Graph With Tags and Notes: Each tracing session generates a full graph view where you can label wallets, add tags, and take notes that carry through in reports and exports.
- Support for FIFO, LIFO, and PIFO Tracing Models: You can trace commingled funds using First-In-First-Out (FIFO), Last-In-First-Out (LIFO), or Percentage-In-First-Out (PIFO) methods depending on your case requirement.
Entity Attribution From OSINT and Blockchain Sources: Wallets are matched against external and internal datasets. If any address has connections to darknet markets, frauds, or mixers, you’ll see the links and labels instantly. - Bridge, DEX, and Mixer Visibility: You can follow transactions even when they pass through decentralized exchanges, cross-chain bridges, or privacy services like Tornado Cash.
- Case Management and Timeline Documentation: You can create, save, and manage multiple investigations. Each case includes linked wallets, graphs, timestamps, screenshots, and internal notes.
- Exportable Investigation Reports for Law Enforcement: All case data can be exported as investigation-ready reports with structured wallet analysis, transaction evidence, and trace paths.
- User-Friendly Workspace With No Coding Required: Everything works through point-and-click tracing. You don’t need to use GraphQL, APIs, or query builders to access powerful features.
2. Chainalysis Reactor
Chainalysis Reactor is a blockchain investigation software used by analysts, compliance teams, and law enforcement. You can trace cryptocurrency transactions across multiple blockchains and identify the real entities behind suspicious activity.
- Follow Funds Across Chains and Services: You can track the movement of assets through cross-chain bridges, mixers, and decentralized exchanges using automated tracing tools.
- Visual Graphs to Map Transaction Flow: Every transaction path is shown in an interactive graph, allowing you to map relationships and understand fund origin and destination clearly.
- Cluster Addresses Linked to Known Entities: The platform automatically groups wallets connected to exchanges, darknet markets, or fraud schemes using behavioral analysis.
- See Real-Time Risk Flags and Exposure Labels: You receive risk alerts and exposure levels for every address, helping you make quicker decisions during ongoing investigations.
- Package Investigations into Exportable Reports: You can download investigation summaries with linked visuals, timestamps, and wallet details ready for sharing or legal documentation.
3. TRM Labs
TRM Labs offers an investigation platform that helps you analyze blockchain transactions, trace funds, and uncover suspicious patterns. The tool is widely used for fraud, scam, and money laundering investigations across major blockchain networks.
- Trace Transactions Across Blockchains: You can follow the full path of funds through multiple networks, even when they pass through mixers, bridges, or DeFi protocols.
- Use Behavioral Signals to Detect Hidden Patterns: The platform flags unusual activity based on spending behavior, helping you identify linked wallets that may not be obvious at first glance.
- Get Automated Entity Clustering and Risk Insights: TRM groups addresses connected to exchanges, scams, or known bad actors, and assigns them risk levels to help you focus faster.
- Visualize Transaction Paths in an Interactive Graph: Each graph shows how funds move between wallets, including key details like asset type, transaction value, and timestamps.
- Rely on Pre-Labeled Scam Reports and Known Entities: You can jumpstart your case with access to a global database of fraud victims, scam wallets, and real-world identity connections.
4. Elliptic Investigator
Elliptic Investigator helps you trace crypto transactions and assess risks across multiple blockchains. It is used by compliance teams and cybercrime analysts to examine connections between wallets and suspicious activity.
- Explore Multi-Chain Transactions in One View: You can examine transaction paths that move across assets and blockchains through an interactive graph with labeled endpoints.
- Identify Wallets Linked to Risky Services: The tool maps wallets to known entities including darknet markets, sanctioned groups, and flagged exchanges using historical activity.
- See Immediate Exposure Trails with One Click: You can generate direct links between entities, tracing how a wallet interacts with known sources of illicit funds or services.
- Add Notes and Tags for Case Clarity: Each node in your investigation can include private notes, labels, and tags that help you manage complex tracing scenarios.
- Export Graph-Based Reports for Documentation: You can create detailed reports with all wallet data, visual graphs, and timeline references to support internal reviews or external cases.
5. CipherTrace Investigator by mastercard
CipherTrace Investigator is built for financial crime analysts, regulators, and fraud teams. You can examine transaction trails, trace criminal funds, and document wallet behavior with detailed on-chain insights.
- Trace Cryptocurrency Across High-Risk Paths: You can follow transactions through mixers, gambling services, and cross-chain routes using intuitive pathing logic and visual graphs.
- Access a Constantly Updated Attribution Database: The platform includes millions of wallet labels linked to services like exchanges, scams, ransomware groups, and darknet operators.
- Use Visual Graphs to Map Activity: You can build investigation graphs that show wallet connections, fund origins, and flow direction with clickable transaction details.
- Integrate with External Threat Intelligence Feeds: CipherTrace connects to platforms like Anomali to enrich your blockchain data with external cybersecurity indicators.
- Create Regulator-Ready Reports: The report builder helps you collect all case details including wallet info, notes, and path diagrams in a structured format.
6. Crystal Blockchain
Crystal is a blockchain analytics platform used for investigations involving scams, ransomware, and illicit finance. You can trace assets, build visual cases, and assess exposure to criminal entities.
- View Transactions in Real-Time With Labeling: Crystal shows live transaction data with identity tags, helping you track suspicious activity as it occurs on the blockchain.
- Trace Multi-Hop Activity Across Assets and Chains: You can explore deep fund movement involving hundreds of wallet interactions, swaps, and cross-network jumps in one graph.
- Use Predefined Risk Scores to Flag Threats: Each address is scored based on its past interactions, linked services, and detected patterns from criminal behavior models.
- Investigate Wallets Using Case Graphs: Graphs include timestamps, asset types, address notes, and flags to support detailed analysis of complex financial paths.
- Learn Forensic Skills Through Integrated Training: Crystal offers certified investigator training to help you gain hands-on skills in tracing and case documentation.
7. Lukka (Coinfirm)
Coinfirm, acquired by Lukka recently, offers transaction risk assessment and investigation tools for crypto compliance and monitoring teams. You can evaluate counterparties and trace fund flows in live or historic scenarios.
- Run Deep Risk Checks Across 270 Parameters: Each address and transaction is scanned for fraud, anonymity techniques, service type, and behavioral red flags.
- Monitor Activity Across 50+ Blockchains: You can analyze fund movements, incoming and outgoing risks, and service interactions across a wide blockchain coverage set.
- Label Wallets with Risk Categories and Profiles: Coinfirm assigns risk tags to wallets and tracks changes in behavior based on chain data and external reference signals.
- Trace Fund Flow Using Visual Analysis: The platform shows the source and destination of crypto assets with risk trails and transaction paths.
- Generate PDF Reports for Audits and Law Enforcement: All findings can be documented with case ID, visual charts, and flagged transactions for external sharing.
8. Scorechain Analytics
Scorechain is used for investigating crypto wallets, analyzing transactions, and measuring compliance risk. You can track assets and assess suspicious links across supported blockchain networks.
- Track Transaction Flow Between Known and Unknown Wallets: You can trace how assets move from clean sources into unverified or high-risk destinations over time.
- Use Labels and Graph Filters to Focus on Key Events: Every address and transaction includes filters that help you isolate key actors, anomalies, or risky exposures.
- Assess Risk Across Multiple Chains and Tokens: The platform supports Bitcoin, Ethereum, BSC, XRP, Litecoin, Tezos, and other chains, including tokens and stablecoins.
- Generate Investigation Views with Time and Value Filters: You can segment fund movement by asset value, address type, or date to uncover meaningful activity trails.
- Document Cases Using Integrated Audit Tools: Each case can include custom notes, address details, and final reports formatted for compliance teams or regulators.
9. BlockTrace
BlockTrace is a blockchain forensics platform offering investigative tools and custom solutions for tracking cryptocurrency transactions. It supports law enforcement, financial institutions, and national security agencies in combating crypto-enabled crimes.
- Investigate Transactions with Fusion API: Fusion aggregates data from major blockchain intelligence sources into one API. It offers a unified view of crypto transaction flows. Investigators can quickly enrich blockchain data with external threat intelligence and attribution.
- Use AI Chatbot for Natural Language Queries: Robby the Robot is an AI-powered chatbot that lets users query blockchain data using plain English. This reduces reliance on technical skills and speeds up the investigation process.
- Collaborate with National Security Partners: BlockTrace partners with firms like Elliptic and AnChain.AI to enhance cybersecurity and digital asset oversight. These collaborations strengthen national security defenses against illicit crypto activity.
- Customize Tools for Specific Investigation Needs: The platform provides tailored engineering services for agencies and enterprises with unique data or analysis requirements. Clients can build bespoke dashboards and workflows using BlockTrace’s tech stack.
10. Merkle Science Compass
Merkle Science Compass is an investigative platform designed for compliance teams, forensic analysts, and law enforcement. You can examine blockchain transactions in detail and monitor addresses for ongoing changes linked to financial crime.
- Split Complex Transactions for Clearer Tracing Paths: You can break down large or multi-branch transactions into separate views, which helps you focus on the most relevant parts of the flow.
- Monitor Wallet Behavior for Risk Changes Over Time: Compass keeps watch on addresses you add to a case, alerting you if they start interacting with flagged entities or services.
- Use Watchlists to Track Known Illicit Connections: You can compare addresses against dynamic watchlists that include scam wallets, darknet operators, and sanctioned groups.
- Build Case Timelines and Add Ongoing Comments: Your investigations can include editable timelines, notes, and linked activity to maintain case continuity and share updates.
- Export Structured Reports for Internal and Legal Use: Compass allows you to generate complete case files with visuals, notes, and tagged evidence suitable for audit or legal procedures.
Wrapping Up
Crypto investigations are no longer limited to regulators or law enforcement. Businesses, exchanges, and security teams also need reliable tools to trace transactions, identify risks, and act quickly. The tools covered here offer different strengths, but all help make on-chain activity easier to understand.
Choosing the right investigation platform depends on your workflow, risk profile, and the chains you monitor. If you’re working with digital assets, now is the time to explore these solutions. Start by testing a tool that fits your needs and see the difference in your investigations.
