Tracers in the Dark

The Global Hunt for the Crime Lords of Cryptocurrency

By: Andy Greenberg

Narrated by: Ari Fliakos

From the award-winning author of Sandworm comes the propulsive story of a new breed of investigators who have cracked the Bitcoin blockchain, exposing once-anonymous realms of money, drugs, and violence.

“I love the book… It reads like a thriller… These stories are amazing.” (Michael Lewis)

Over the last decade, a single innovation has massively fueled digital black markets: cryptocurrency. Crime lords inhabiting lawless corners of the internet have operated more freely—whether in drug dealing, money laundering, or human trafficking—than their analog counterparts could have ever dreamed of. By transacting not in dollars or pounds but in currencies with anonymous ledgers, overseen by no government, beholden to no bankers, these black marketeers have sought to rob law enforcement of their chief method of cracking down on illicit finance: following the money.

But what if the centerpiece of this dark economy held a secret, fatal flaw? What if their currency wasn’t so cryptic after all? An investigator using the right mixture of technical wizardry, financial forensics, and old-fashioned persistence could uncover an entire world of wrongdoing.

Tracers in the Dark is a story of crime and pursuit unlike any other. With unprecedented access to the major players in federal law enforcement and private industry, veteran cybersecurity reporter Andy Greenberg tells an astonishing saga of criminal empires built and destroyed. He introduces an IRS agent with a defiant streak, a Bitcoin-tracing Danish entrepreneur, and a colorful ensemble of hardboiled agents and prosecutors as they delve deep into the crypto-underworld. The result is a thrilling, globe-spanning story of dirty cops, drug bazaars, trafficking rings, and the biggest takedown of an online narcotics market in the history of the Internet.

Utterly of our time, Tracers in the Dark is a cat-and-mouse story and a tale of a technological one-upmanship. Filled with canny maneuvering and shocking twists, it answers a provocative question: How would some of the world’s most brazen criminals behave if they were sure they could never get caught?

©2022 Andy Greenberg (P)2022 Random House Audio

Critic reviews

A NEW YORK TIMES EDITORS’ CHOICE

“Immensely readable... Greenberg is known for his ability to explain complicated technology in a way anyone can understand, and he doesn’t disappoint when he tackles crypto…. The whole smoky world of crypto starts to open up... [He] takes readers on a romp through some of the most infamous dark web takedowns in recent memory.”—Washington Post

"Greenberg sketches the evolution of a wholly new discipline in the surprisingly lively real-life police procedural [that] deftly teases out technical detail without slowing the narrative."—Associated Press

“A pivotal story of the internet, the dark web and policing in the Digital Age. The book demonstrates in gripping, and sometimes thrilling detail, how law enforcement agencies such as the IRS Criminal Investigations unit have harnessed powerful emerging technology to trace cryptocurrency, which once seemed anonymous, right to the doorsteps of some of the world’s most wanted criminals… Tracers in The Dark raises essential questions about the future of cryptocurrency.”—CyberScoop

easy car ride listen

Tracers in the Dark is a great primer book for blockchain analysis without getting too technical. The storytelling is top notch thanks to the pacing of Ari, who is easy to understand and has an easy voice. Overall I appreciate this book because it has questioned my beliefs on privacy, the power of government, and how the information learned affects my career.

Didn’t want it to end! Reads like you’re watching a movie!

Wow what can I say - this one exceeded my expectations! Not one full moment. Literally. Keeps you hooked from the start, all the way through. Expertly written, expertly read (if you get the Audio), and filled with intensity. Pretty dark at times, especially at the end, but we’ll worth it! I honestly didn’t want this one to end. It’s also written in a way that you don’t have to be technically savvy at all to understand it and follow along. 5/5 all day, and I couldn’t recommend it enough! If you’re on the fence, you’ll be doing yourself a favor by getting it. Get it today! Thanks to the author for an awesome book, and thanks to the narrator - he did a phenomenal job!

Important Read

A very interesting and timely book that walks through both the development (and related ethical and privacy concerns) of digital currencies as well as investigative tools used against the dark web platforms that rely on the illusion of anonymity of cryptocurrencies.

Great narration and pacing through some complex story threads also make this a satisfying read.

Excellent Overview of Digital Sluthing

A fantastic overview of law enforcement's progress investigating a significant part of the digital criminal economy.

Exciting from start to finish

I knew of Bitcoin and heard some of these stories in the news but this book dives into the behind the scenes and very gripping from start to finish. Pretty much a collection of stories but all interconnected. Fascinating read and years of research went into this book. Highly Recommend!

Fantastic!

Complex yet captivating story, easily digestible by the average person. Truly moving and eye opening!
Great narration.

Very well researched and presented

I thought this book was fantastic and provided access to people and events even normal cyber security professionals would never know about. It was well organized and chilling in its implications for criminals and the future impact of the dark web on Society at Large.

Fantastic storytelling

Andy dives into the world of black markets and cryptocurrency investigations by walking us through some of the biggest cases of the past decade.

Without getting too much in the technical weeds, this one feels like a friend telling you a story over a beer. All with plenty of twists and turns.

If you’ve been following Andy’s work from previous books covering Cypher punks, this one will be a real treat. He pulls apart the aspirations of idealists and lays out the hard reality that the fantasy being sold by the crypto community of privacy is a crock.

Hoping for him to explore more in the future about the balance between needs for privacy and surveillance.

Bitcoin isn't as private as some think it is

This is a great book from an amazing technology journalist -- specifically covering the tools and procedures used to trace cryptocurrency transactions (e.g. Bitcoin) for law enforcement purposes.

Despite the public protestations of law enforcement (and some Bitcoin advocates) Bitcoin isn't even as private as regular banking systems -- it's a global public transparent ledger of pseudonyms, fully linkable through connections to external systems, patterns, and "metadata" analysis. We're currently living in a privacy dark age valley of "too late for physical bearer assets, too soon for Zero Knowledge online assets". Cryptocurrency has an edge in being permissionless and censorship resistant in many cases, but it's far from private as deployed today.

This book shows through tracing dark net markets participants (Silk Road, AlphaBay, and others), exchanges, and other bitcoin and cryptocurrency transactions what the true state of privacy on the blockchain is. A major element is the founding and history of Chainalysis, one of the first dedicated tracing firms, from the tracing of loss Mt Gox exchange assets, but there's also extensive coverage of various law enforcement agencies and how they use traditional forensic accounting techniques, as well as chain analysis tools and subpoena and other investigatory powers, to find undesirable activity.

It was a little disappointing that de-anonymizing Monero transactions and other more privacy focused transactions wasn't more of a focus, but this is probably not covered as much in open forums.

The book and writing style focuses on personalities and events, rather than technology, so it's approachable and interesting for a general audience, but as an expert in the field (I work for a cryptoasset insurance company and have been involved in anonymous electronic cash since the mid 1990s), it's technically accurate as well.

Strongly recommend.

Current and entertaining

Very entertaining and interesting cyber true crime stories all wrapped up into one book! Learned a lot about block chain.