Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification Practice Test

When investigating suspicious Bitcoin transfers, what is the best first step for an analyst?

1. Look for similar past transactions

2. Check the blockchain for transaction details

3. Contact the involved parties

4. Analyze regional transaction trends

The correct answer is: Check the blockchain for transaction details

The best first step for an analyst investigating suspicious Bitcoin transfers is to check the blockchain for transaction details. The blockchain is a public ledger that records every transaction made with Bitcoin, and it allows for transparency and traceability of funds. By examining the blockchain, the analyst can access critical information, such as transaction amounts, timestamps, addresses involved, and any subsequent transactions related to those addresses. This step is crucial because it enables the analyst to gather concrete evidence and a clearer understanding of the transaction's context. Investigating the blockchain immediately provides insights into the flow of funds and may reveal patterns that warrant further investigation. Other options, while valuable at different points in the investigation, may not provide the most direct and factual basis needed early on. For instance, looking for similar past transactions might help establish a pattern but would not direct the analyst to specific, actionable insights as effectively as examining the blockchain. Similarly, contacting involved parties could be premature without first verifying the details of the transfer. Analyzing regional transaction trends can provide broader context but lacks the specificity required for individual investigations. Therefore, initiating the investigation with blockchain examination aligns best with the need for immediate, reliable data to understand the transactions thoroughly.