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Digital intelligence company Cellebrite has launched its “Cellebrite Crypto Tracer” solution.
The new offering is powered by CipherTrace and aims to track illicit cryptocurrencies involved in money laundering, terrorism, drug, human trafficking, arms sales and ransomware programs.
The suite of tools will be available to investigators, analysts and non-technical agents who wish to legally obtain evidence and track down criminals using cryptocurrencies such as Bitcoin (BTC) across the darknet.
Citing data from a University of Oxford study, Cellebrite claims about $ 76 billion worth of illegal activity involves Bitcoin.
Curate millions of references to information to track transactions
The Cellebrite Crypto Tracer solution allows investigators to aggregate and curate millions of open source and private references, data on deception and human intelligence, resulting in a dataset of over 522 million attributable points.
Speaking with Cointelegraph, Leeor Ben-Peretz, Cellebrite’s chief strategy officer, says Cellebrite Crypto Tracer is capable of allocating millions of data points, such as account type, account holders, contract types, contract owners and other metadata. It can also pinpoint where the illicit funds were headed, be it a wallet or an exchange.
Ben-Peretz said, “Some of the key features of the solution include the ability to score risk and profile hundreds of global exchanges, ATMs, mixers, money laundering systems, gambling services, and known criminal addresses assign risk levels to transactions. “
The ongoing fight against illicit crypto transactions
John Jefferies, chief financial analyst at CipherTrace, predicts that as cryptocurrencies become more mainstream and accepted by mainstream financial institutions, criminals will adopt them more widely, creating a “continuous and growing game of cat and mouse.”
“With growing cryptocurrency market capitalization, wider financial crimes and nation-state scale. Regulatory reform, led by updated FATF guidelines, will force jurisdiction arbitrage as new laws are enacted. , globally on unsynchronized deadlines, “he added.
Jefferies turned to the recent Twitter hacking incident, saying he believes the situation could have been “much worse and shows that the blockchain community is watching out for scammers.”
“When cryptocurrencies first emerged, law enforcement had very little understanding of how cryptocurrencies work and that transactions can be tracked on public ledgers. The situation today is very different. For example, we are working closely with law enforcement on the recent bitcoin scam hacking Twitter, “he concluded.
