123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

To Aid Us Dhs Investigations, Ciphertrace Develops Monero-tracing Tool

Profile Picture
By Author: Crypto Business World
Total Articles: 14
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Anonymity and privacy are the primary benefits of cryptocurrency. Yet crypto transactions are not as anonymous as some may think. This is due to the transparent nature of blockchain technology. Instead, Bitcoin (BTC) and other cryptocurrencies are pseudonymous. This is as each transaction on a blockchain network is transparent. This makes it possible to trace wallet addresses back to their source.

CipherTrace is capable of tracing several hundred cryptocurrency transactions. They do this by analyzing wallet addresses, exchange information, and smart contracts. The company is capable of tracing over 800 cryptocurrencies. They can do this to support investigations of crimes. This is hugely relevant. Cryptocurrency-related crimes during the first half of 2020 have been massive. They have already accounted for $1.4 billion worth in thefts, hack, and fraud.

Monero can now be traced?

Bitcoins have been ranked as the prevalent crypto choice of criminals. But many darknet transactions are conducted using the privacy coin Monero (XMR). Due to this, law enforcement has been too interested in finding a way ...
... to trace Monero. Till now, there hasn't been a tool capable of tracing Monero transactions. CipherTrace has developed the first tool for tracking Monero transactions. The tool has been in development for over a year. It will be used by the U.S. Department of Homeland Security to trace Monero transactions. CipherTrace had a recent contract with DHS Science & Technology Directorate. This resulted in the development of forensic tools for law enforcement and government agencies. It will enable them to trace Monero transaction flows for criminal investigations:

A game-changer for combating Monero-using crimes

The tools allows to track stolen Monero. It can also be used to track Monero used for illegal transactions. The tool is not suitable for Anti-Money Laundering purposes just yet. But ransomware cases involving Monero can be traced back to sources. This is notable. This is as it's been mentioned that ransomware criminals are switching from Bitcoin to Monero. It helps them to protect their identities better. The tool will allow to limit ransomeware cases. It will be limited to a couple of different crypto addresses. The exact number of transactions traced hasn't been revealed. But the tool has indeed been validated across a large number of Monero transactions.

Total Views: 72Word Count: 371See All articles From Author

Add Comment

Business Articles

1. Centralized Patient Monitoring System Industry Status And Prospects Professional Market Research Report Standard Version 2021-2027
Author: antara

2. 5 Ways Businesses Benefit From An Intelligent Inventory Control Machine
Author: Pablo Lopez Ortega

3. 5 Awesome Facts About Bill Change Machines
Author: Pablo Lopez Ortega

4. What You Should Do While Storing Women Boots?
Author: lillyholly

5. How Ppe Vending Machines Boost Workplace Safety
Author: Pablo Lopez Ortega

6. Optical Imaging Market Worth $3.3 Billion By 2026
Author: Rosy Wills

7. Lucintel Forecasts Pvc Compound Market To Reach $15.1 Billion By 2026
Author: Lucintel LLC

8. Driver Of Marble Market- Easy And Bulk Availability Of Marble
Author: Robin White

9. Ways To Extend The Life Of Your Metal Roof For Many More Years
Author: Daniel Zavala

10. Walk In Stability Chamber By Kesar Control Systems
Author: Kesar Control

11. Metallic Epoxy Floor Phoenix – Quality Coverage For Every Surface
Author: John Maloney

12. How Do You Choose The Right Business Broker?
Author: Mark Drake

13. 10 Web Development Trends Succeed In 2021
Author: OmTec Web

14. Excellent Benefits Of Dental Cleaning
Author: Jessica Williams

15. Choose The Plain And Decorative Custom Food Boxes To Deliver For Your Customers
Author: lewismorgancbz

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: