A Web Scraping Approach Towards Cryptocurrency Investigations

Abstract

The investigation of cryptocurrency crimes is still in its infancy with no standardised process or methodology to follow. This paper describes research that forms part of a broader project led by the second author (Botha, et al., 2025). The broader project’s aim is to develop a methodology to follow when conducting cryptocurrency crime investigations. One of the steps in the proposed methodology is web scraping. The authors of this paper present a detailed exploration of web scraping techniques within the broader context of the proposed investigation methodology. In this paper, the focus is on developing a well-structured methodology for scraping social media platforms and online forums to gather data related to fraudulent activities; the goal is to find posts that include references to the wallet address of interest. This exploration uses an iterative approach; for every new cryptocurrency wallet address discovered or revealed through on-chain analysis, a parallel path is followed by scraping the Internet. If a mention of the cryptocurrency address should be discovered it is considered to be a key finding, creating a pivot point in the investigation. From a pivot point, further open-source intelligence (OSINT) techniques will be applied, though this aspect falls beyond the scope of this paper. If no relevant information or link is found, the scraping path will not be pursued, and the investigation proceeds with on-chain analysis to identify additional wallet addresses. Additionally, challenges encountered in web scraping, such as handling platform restrictions, ensuring data accuracy, and managing large volumes of data, are addressed. The goal of the proposed methodology is to enhance data extraction and analysis efficiency contributing to the proposed methodology for investigating cryptocurrency scams.