CipherTrace Releases DHS-Funded Monero Tracing Tools

fiverr
CipherTrace Releases DHS-Funded Monero Tracing Tools
Bybit


Key Takeaways

CipherTrace has released a set of Monero tracing tools.
The toolset is the result of funding from the U.S. Department of Homeland Services that began last year.
The Monero community is skeptical of the tool’s effectiveness.

Share this article

Blockchain analytics firm CipherTrace has announced the release of a set of tracing tools for use with the privacy coin Monero.

CipherTrace Provides Tracing Tools

CipherTrace’s Monero toolset reportedly allows the company’s clients to trace funds “backwards from the transaction of interest to its source.” It also includes visualization tools for that purpose.

CipherTrace CEO Dave Jevans stated that the tracing toolset “bolsters the viability of privacy coins for the long-term” by allowing exchanges and other cryptocurrency companies to comply with anti-money laundering (AML) requirements.

coinbase

The company plans to charge $16,000 per year per user for the toolset, which will be available for existing CipherTrace users—primarily institutions and government agencies.

CipherTrace has also applied for two U.S. patents for the toolset.

Monero Toolset Was Funded By the DHS

Today’s press release says that the tools are “based on research partially funded by the Department of Homeland Security.”

CipherTrace initially announced its tool for the DHS in August 2020. Monero researchers quickly criticized the company for failing to prove a viable tracing method. Unlike most blockchains, Monero relies on stealth addresses and other additional features that make transaction analysis difficult if not impossible.

Today’s announcement does not give any further details about how CipherTrace’s tracking product actually works, and as such, most of the original criticism from the Monero community still stands.

More recently, Monero Outreach dismissed the toolset as vaporware that merely promised future development. Now that CipherTrace has released the tool, that particular criticism seems to be inaccurate.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Monero Bug Breaks Transaction Privacy

Monero developers have discovered a bug in the coin’s privacy algorithms that allows for transaction destinations to be identified, breaking privacy.  Monero Encounters Privacy Bug  The team behind Monero, one…

Monero Team Receives Anonymous $500,000 Donation

The team behind Monero has received a donation of nearly $500,000, according to the project’s Twitter account. $500,000 Sent to Monero Devs We’re delighted to share that our General Fund…

IRS Wants to Break Privacy on Monero and Bitcoin’s Lightning Net…

The Internal Revenue Service is seeking a tool that can be used to trace privacy coins like Monero, according to a request for proposals published by the U.S. agency last…

What is Impermanent Loss and How can you avoid it?

DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…



Source link

Ledger

Be the first to comment

Leave a Reply