iiinova — where your digital self keeps evolving

Miles Kellerman @mileskellerman.bsky.social · 31/03/2026

My new essay for @aeon.co explores the little understood world of underground banking. Despite intense state pressure, these ancient networks have retained their independence. It is a story that holds critical lessons for our fracturing global financial order. #polisky aeon.co/essays/the-u...

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Miles Kellerman @mileskellerman.bsky.social · 06/11/2025

4️⃣ Potential applications: The article examines three scenarios where the LDA program would be applied. One example is market abuse in the U.S. The SEC could grant LDAs access to the Consolidated Audit Trail and establish compensation mechanisms. Much of the infrastructure is already in place ⤵️

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Miles Kellerman @mileskellerman.bsky.social · 06/11/2025

3️⃣ Proposed solution: Licensed Detection Agents Create a new class of private firms authorized to surveil transactions and financially rewarded for reporting suspicious activity. Professionalize, in other words, the act of blowing the whistle. ⤵️

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Miles Kellerman @mileskellerman.bsky.social · 06/11/2025

2️⃣Precedent for alternatives: whistleblower reward programs have been wildly successful. Take, for example, the False Claims Act. From 1987 to 2024, US gov awarded, in inflation-adjusted numbers, $13.1 billion in return for $76.6 billion in successful settlements and judgments (ROI of 486%) ⤵️

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Miles Kellerman @mileskellerman.bsky.social · 06/11/2025

1️⃣ The problem: Existing approaches to detection are trapped in a web of constraints, in which difficult trade-offs must be made between data access, positive incentives, and privacy protection. As a result, rates of detection are abysmal. I call this the "Detection Trilemma" ⤵️

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Miles Kellerman @mileskellerman.bsky.social · 10/10/2025

Last December, China sought to choke off America's access to a critical strategic mineral. But in a new post, I find that supply chains adjusted at lightning speed. Belgium, of all places, has replaced China as America's top source. It shows that weaponizing trade can have very strange side-effects

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Miles Kellerman @mileskellerman.bsky.social · 18/07/2025

A remarkable open-source investigation, employing satellite imagery and 3D models of container ships, estimates that North Korea sent 4.2 to 5.8 million artillery rounds to Russia via 64 shipments on sanctioned vessels. Full report: static.opensourcecentre.org/assets/osc_b...

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Miles Kellerman @mileskellerman.bsky.social · 07/06/2025

*TRUMP COIN*: For the low low price of $10.43, you, too, can own a piece of America’s decline. But that’s not all folks… open.substack.com/pub/mileskel...

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Miles Kellerman @mileskellerman.bsky.social · 04/06/2025

There are many career paths after law school. One is to help write explanations of valuable cryptocurrency investment products like 'Dogwifhat (WIF)'

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Miles Kellerman @mileskellerman.bsky.social · 14/04/2025

But NYSE and the exchanges viewed it as an existential threat to their right to self-monitor. In NYSE's archives, I discovered that staff composed critical questions about the MOSS which were subsequently repeated by members of Congress in an appropriations hearing:

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Miles Kellerman @mileskellerman.bsky.social · 14/04/2025

The CAT story actually starts in the 1980s, when the SEC created its predecessor, the Market Oversight Surveillance System (MOSS). The MOSS was designed to give the SEC simultaneous oversight of all exchanges. And it worked! Its pilot program was successful.

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Miles Kellerman @mileskellerman.bsky.social · 03/04/2025

Today I delivered my opening lecture for "Economics of Security." Had to throw up an emergency slide on that White House formula. Lesson 1: don't assume greek letters = sophistication

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Miles Kellerman @mileskellerman.bsky.social · 03/03/2025

The roll-back of Treasury's beneficial ownership requirements was a specific Project 2025 recommendation. Heritage's objections were mostly about costs for small businesses. The privacy invasion argument is, well, quite something in light of DOGE's activities.

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Miles Kellerman @mileskellerman.bsky.social · 15/01/2025

Stablecoins' use for criminal purposes (as a proportion of on-chain crime by asset) remained, well, stable..

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Miles Kellerman @mileskellerman.bsky.social · 15/01/2025

Some preliminary crypto crime insights from Chainalysis for 2024. Notable growth in value of crypto held by illicit addresses associated with organizations providing money laundering services. But a drop in those associated with sanctioned entities. www.chainalysis.com/blog/2025-cr...

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Miles Kellerman @mileskellerman.bsky.social · 10/12/2024

FCA finds signs of insider trading ahead of 30% of takeovers and 3% of market sensitive events. Both represent a decline…or an increase in obfuscation.

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Miles Kellerman @mileskellerman.bsky.social · 28/11/2024

Data visualization from the 1940s: changes in the gender make-up of one British bank's staff during World War II. from John Wadsworth's Counter Defensive: A Bank in Battle (1946) #polisky #econsky #history #historysky

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Miles Kellerman @mileskellerman.bsky.social · 27/11/2024

"Sir John Fielding...became one of England’s first and greatest police detectives. And for his entire crime-fighting career, he was blind." beta.nationalarchives.gov.uk/explore-the-...

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Miles Kellerman @mileskellerman.bsky.social · 13/11/2024

"The morning after" (1905) by Udo Keppler

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Miles Kellerman @mileskellerman.bsky.social · 13/11/2024

"Some class to this rail-splitter" (1911) by Udo Keppler

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Miles Kellerman @mileskellerman.bsky.social · 13/11/2024

"Government and business enter upon a new era of good feeling" (1914) by Udo Keppler

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Miles Kellerman @mileskellerman.bsky.social · 13/11/2024

History rhymes. A short thread of early 20th century Puck Magazine political cartoons which feel more relevant than ever. "Here’s how!" (1908) by Udo Keppler #polisky #econsky #lawsky

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Miles Kellerman @mileskellerman.bsky.social · 18/09/2024

In the meantime, Israel is cut off from the Woensdrecht distribution network. Though there is nothing to stop those spare parts from being re-exported to Israel *after* they leave the Netherlands.

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Miles Kellerman @mileskellerman.bsky.social · 18/09/2024

In February, human rights organizations successfully petitioned a Hague Court to stop Woensdrecht from exporting F-35 parts to Israel. The case centered on whether the Dutch state adequately considered the risk these parts would aid violations of int. humanitarian law. The state is appealing.

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Miles Kellerman @mileskellerman.bsky.social · 18/09/2024

For the F-35, the U.S. and its allies chose to establish this depot in the Netherlands at the Woensdrecht Logistical Center. OneLogistics, a private company, oversees this center and organizes the distribution of F-35 spare parts to bases all over Europe and the Middle East (including Israel).

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Miles Kellerman @mileskellerman.bsky.social · 18/09/2024

The F-35 is the world's most advanced fighter jet. Each plane costs $80-100 million off the shelf. But the real price is much higher due to sustainment costs, including the replacement of spare parts. How do you reduce these costs? You create a centralized depot for spare part distribution.

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Miles Kellerman @mileskellerman.bsky.social · 18/09/2024

The Dutch state is currently in a legal battle with human rights organizations over the export of F-35 spare parts to Israel. But how did we get here? And why is this dispute centered on the Netherlands? (A thread) Full story ( #polisky #military ): mileskellerman.substack.com/p/replaceabl...

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Miles Kellerman @mileskellerman.bsky.social · 22/11/2023

4. Chutzpah: When issued subpoenas by US law enforcement, Binance asked them to sign statements that they would refrain from taking any legal actions against the company. Interesting approach!

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Miles Kellerman @mileskellerman.bsky.social · 22/11/2023

3. Brokers participating on Binance could set-up sub-accounts (nested accounts) for their own customers. No KYC was performed on these customers of customers, allowing a sanctioned Russian exchange to participate freely

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Miles Kellerman @mileskellerman.bsky.social · 22/11/2023

2. Risk-based approach: If you were only withdrawing two bitcoin or less per day (130k at height), all you needed was an email address. No KYC, no problems. So what if hackers are known to be structuring their transactions just under this threshold?

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Miles Kellerman @mileskellerman.bsky.social · 22/11/2023

Some observations on FinCEN's entertaining Binance consent order 1. It was good to be a "VIP" client! Not only would you be guided on altering your KYC documents, you would also be tipped off that you're being investigated by law enforcement. Customer service!

https://www.fincen.gov/sites/default/files/enforcement_action/2023-11-21/FinCEN_Consent_Order_2023-04_FINAL508.pdf

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