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: 51Word Count: 371See All articles From Author

Add Comment

Business Articles

1. Look As Professional As Possible With Metal Name Tags With Logo
Author: Nadia Karmas

2. Mobile Application Development Company In Singapore
Author: Xsosys Technology Pte Ltd

3. Best International Job Consultants Mumbai, India, M Gheewala
Author: Mehmood Gheewala

4. Top Web Design Practices For 2021

5. Innovative Discovery Launches Web Series: Afternoon Tea With Id
Author: Savannah Aaron

6. Eliminate On-street Parking Issues With Stack Parking
Author: Wohr Parking System

7. China Export Data Offers A Great Understanding Of International Trade And Business
Author: Varun Pratap Singh

8. Considerations While Choosing Your Roofing Materials
Author: Fred Lydick

9. Selvam Hardwares - Cement Dealers In Coimbatore
Author: Michael Oliver

10. Global Moringa Products Market
Author: pallavi

11. Global Crawler Camera System Market
Author: pallavi

12. Global Bio Based Organic Acids Market
Author: pallavi

13. Building Design For Sound And Acoustic Enclosure
Author: Kevin Richard

14. Top Reasons You Should Hire A Professional Car Removal Company
Author: Software Base

15. Go Green Recycling!” Here's How To Get The Most Money For Your Car When You Scrap It
Author: Software Base

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