Victor Ugochukwu · Dec 14, 2020 . 5min read
CipherTrace to Launch Monero Tracing Tools for Enhanced Law Enforcement
CipherTrace introduces Monero tracing tools for the U.S. Department of Homeland Security to overcome illegal Monero transactions.
By Komal Joshi · Sep 2, 2020 . 6min read
Leading cryptocurrency intelligence company CipherTrace claims to have developed the “world’s first” Monero tracing tools for law enforcement. According to the company announcement, CipherTrace created forensic tools for the U.S. Department of Homeland Security (DHS) to track illegal Monero transactions.
According to the security firm, this tool generation took approximately a year. CipherTrace’s contract with DHS Science & Technology Directorate resulted in the development of forensic tools for law enforcement and government agencies to track and visualize Monero transaction flows for criminal investigations. Moreover, the cost of this project is supposed to be approximately $2.4 million, according to GovTribe, which was paid to CipherTrace throughout the contract. Further, the agreement was originally signed in 2018. Moreover, the maximum payment set in the contract was $3.6 million.
CipherTrace developed tools to examine Monero transactions to aid in investigations. These tools involve transaction search, exploration, and visualization tools for Monero transaction flow that combines with CipherTrace’s Inspector financial investigation product. Additionally, this offers ways to track stolen Monero currencies or Monero currencies used in illicit transactions. Moreover, the company intends to append new functionalities to the recent version of this tool, with features such as “entity transactions clustering, wallet identification, [and] exchange attribution” planned for the upcoming future.
Comprehensive Details about CipherTrace
CipherTrace, a leading cryptocurrency intelligence company, protects financial institutions from crypto laundering risk and helps the crypto economy grow by making virtual assets trusted by governments. It delivers the world’s most comprehensive cryptocurrency intelligence to detect money laundering, inform law enforcement investigations, and provide regulatory supervision. CipherTrace founders aim to protect customer privacy while guarding against illicit financial activities.
Besides Bitcoin, the first and most popular cryptocurrency, Monero (XMR) gained popularity for its privacy features and design. It became the second most popular digital coin for dark web transactions. Since the first invocation of the open-source cryptocurrency in 2014, the Monero (XMR) project has heralded for privacy-centric techniques. The digital asset network uses enforced privacy for all transactions by leveraging concepts like ring signatures, bulletproofs, and stealth addresses.
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