More privacy pieces? CipherTrace files patents for Monero transaction tracing

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Crypto-analytics company CipherTrace announced Friday that it has filed two patents for technology capable of tracking transactions for the Monero privacy coin.

In a Nov. 20 blog post from CipherTrace, the company said the patents would include forensic tools to explore Monero Transaction Streams (XMRs) to assist with financial investigations, statistical and probabilistic methods for scoring transactions and aggregating transactions. likely portfolio owners, as well as viewing. tools and means to track stolen or illegally used XMRs.

“CipherTrace’s Monero tracing capabilities will enable [Virtual Asset Service Providers] to identify when inbound XMRs may have criminal origins, allowing them to adequately risk customer transactions according to required regulations, ”the blog said. “[Our] The aim is to enable the detection of criminal users, thereby increasing the security and durability of privacy coins like Monero in the future.

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While Bitcoin (BTC) is still the preferred medium of exchange for many users of the darknet market, privacy coins like XMR are increasingly accepted. Law enforcement has yet to determine a reliable way to trace Monero, and companies like CipherTrace have an opportunity – the company has reportedly been working on a way to trace XMR transactions since early 2019.

CipherTrace CEO Dave Jevans told TBEN in August that the company developed the world’s first Monero transaction tracking tool. Such a tool could potentially support crime investigations and reduce money laundering incidents.

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The company said it developed these Monero tracking tools as part of a project with the U.S. Department of Homeland Security, but the latter isn’t the only government agency looking for a way to identify XMR wallets, transaction dates and times. In September, the Internal Revenue Service announced that it would give a bonus of up to $ 625,000 to anyone who can break Monero.

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The capabilities of CipherTrace’s tracing tools have not yet been confirmed. A Monero Outreach representative told TBEN in October that they would be “very suspicious of any claim that companies can trace Monero transactions” and that any company that does so would be unlikely to “trace wallets. or the amounts of a transaction ”.

Monero’s price is $ 123.37 at time of publication, having fallen 3.6% in the past 24 hours.

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