CipherTrace files patent applications for Monero transaction tracking tools

The analytical company Ciphertrace has submitted two applications for tools for tools for tracking transactions with Monero confidential cryptocurrency.

According to the description of the patents, Ciphertrace solutions are tools for analyzing transactions with XMR within conducting forensic examinations and financial investigations. The use of a statistical and probabilistic assessment method will identify suspicious transactions, determine potential owners of wallets, and also track the movement of XMR, which were stolen or obtained illegally. Technical details of the solution are unknown, Therefore, it is still difficult to understand, What types of transactions will be able to track Ciphertrace and with what accuracy to identify the sender and recipient, If they apply methods for anonymousization of their activity on the Internet.

Ciphertrace developers reported, that these decisions will allow suppliers of virtual assets services (VASP) Check the received XMR "for cleanliness". This will adequately assess the risks of client transactions, and whether such transactions meet the regulatory requirements. The main goal of these tools is, To find attackers as soon as possible, and in the future to increase the safety of anonymous cryptocurrencies like Monero.

Ciphertrace specialists reported, that XMR is the second most popular coin on the sites of Darknet after bitcoin. Law enforcement agencies have not yet found an effective way to track XMR, However, Ciphertrace said, what is ready to provide such tools, which has been working on the beginning 2019 of the year.

The leadership of Ciphertrace said, that the technology for tracking Monero transactions was created with the support of the US Department of Internal Security (DHS). However, DHS is not the only department, Trying to find ways to analyze transactions with anonymous cryptoactives.

In September, the US Tax Service (IRS) reported, What is ready to pay $625 000 developers, which will be able to create such solutions. Later, the leaders of Monero called on IRS to spend this money not on combating XMR confidentiality, and to study the capabilities of this cryptocurrency.