Bloomberg Raises Concerns Over Chainalysis’ Integrity Amidst Accusations of a ‘Smear Campaign’

Trust in the media is declining, with surveys showing low levels of trust in the UK and the US. This erosion of trust is often attributed to the intersection of corporate and state interests with the free press. The media plays a crucial role in fighting corruption, but the days of publishers suing governments over press freedom seem to be over. As journalism has shifted towards “content” and authors have become “influencers,” the stage has been set for media corruption.

One recent example of the media representing corporate and intelligence interests can be seen in Bloomberg’s coverage of the Bitcoin Fog trial. The problem starts with the headline of the article, “Wall Street-Backed Crypto Tracer Faces ‘Junk Science’ Attack.” The article portrays the labeling of non-scientifically proven software as “junk science” as a conspiracy, ignoring the fact that this term is frequently used by the Innocence Project to describe flawed forensics methods.

In legal contexts, scientific accuracy is determined by the Daubert standard, which Chainalysis Inc. fails to meet in the Bitcoin Fog case. The standard requires that a method has a known error rate, has been subjected to peer review and publication, and is generally accepted by the scientific community. Expert testimonies from Chainalysis’ head of investigations and an FBI special agent confirm the lack of scientific evidence for Chainalysis’ Reactor software.

Despite these facts, Bloomberg chooses to cite a filing that alleges the FBI validates Chainalysis’ clustering every day and that the information is frequently reliable. The article fails to mention that the Department of Justice has found blockchain forensics, including Chainalysis software, to be “highly imperfect.” This omission raises questions about Bloomberg’s journalistic integrity and whether it is engaging in corporate propaganda.

It is worth noting that Chainalysis is not only backed by Wall Street but also by In-Q-Tel, which has received funding from the Central Intelligence Agency. This information seems to have been overlooked by the Bloomberg author.

In conclusion, corporate journalism is once again failing the free press, and it is the people who suffer the consequences. Trust in the media continues to decline, and it is crucial to hold journalists accountable for their reporting.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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