Bitcoin

Goodbye privacy coins? CipherTrace has pending patents on technology to track Monero transactions

The cryptanalysis company CipherTrace announced on Friday that it has filed two patents for technology that can track transactions for the data protection currency Monero.

In a November 20 blog post by CipherTrace The company said the patents would include forensic tools to study Monero’s transaction flows (XMR) to aid financial investigations, statistical and probabilistic methods to capture transactions, and group potential wallet owners. as well as viewing tools and ways to track stolen or illegally used XMR tokens.

“CipherTrace’s Monero tracking capabilities make this possible [a los proveedores de servicios de activos virtuales] determine when incoming XMR may be of illegal origin, which allows them to properly evaluate customer transactions based on the required regulations “, You can read it in the blog post. “”[Nuestro] The aim is to enable the detection of criminal users and thus increase the security and sustainability of data protection coins like Monero in the future. “

Goodbye privacy coins? CipherTrace has pending patents on technology to track Monero transactions
Goodbye privacy coins? CipherTrace has pending patents on technology to track Monero transactions

Although Bitcoin (BTC) remains the preferred medium of exchange for many darknet users, malicious actors are increasingly using privacy coins such as XMR. Law enforcement agencies have yet to find a reliable way to track Monero transactions, and companies like CipherTrace have an opportunity: The company has reportedly been working on a means of tracking XMR transactions since early 2019.

The CEO of CipherTrace, Dave Jevans told Cointelegraph in August that the company had developed the first tool to track Monero transactions. Such an instrument could potentially aid criminal investigation and reduce money laundering incidents.

The company has stated that it developed these tools to track Monero as part of a project with the US Department of Homeland Security. However, the latter isn’t the only government agency looking for a way to identify wallets, dates, and numbers. Hours of XMR transactions. In September, the Internal Revenue Service announced that it would pay anyone who manages to crack Monero a reward of up to $ 625,000.

The functionality of the CipherTrace tracking tools has not yet been confirmed. A representative for Monero Outreach told Cointelegraph in October that they “would strongly doubt claims that companies can track Monero transactions”. and that a company is unlikely to “track the wallets or amounts of a transaction”.

Monero’s price is now $ 123.37 and it’s down 3.6% in the past 24 hours.

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