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Crypto analytics firm CipherTrace announced Friday that it has filed two patents for the technology that can track transactions for privacy coin Monero.
In a November 20 CipherTrace blog, the company said the patents will include forensic tools to explore Monero (XMR) transaction flows to assist in financial investigations, statistical and probabilistic methods for scoring transactions, and grouping likely owners of wallets, as well as viewing tools and ways to track down stolen or illegally used XMR.
“CipherTrace’s Monero tracking capabilities will enable it [Virtual Asset Service Providers] to identify when inbound XMR may have criminal origins, allowing them to properly assess customer transactions under any required regulations, “the blog said.”[Our] the goal is to enable the detection of criminal users, thus increasing the security and sustainability of privacy coins like Monero in the future. “
Although Bitcoin (BTC) is still the preferred medium of exchange for many users of the darknet market, there has been a growing acceptance for privacy coins like XMR. Law enforcement has not yet determined a reliable way to track Monero, and companies like CipherTrace have an opportunity – the company reported that it has been working on a means to track XMR transactions since early 2019.
CipherTrace CEO Dave Jevans told Cointelegraph in August that the company has developed the first tool to track Monero transactions. Such a tool could potentially support criminal investigations and reduce money laundering incidents.
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. the dates and times of the transactions. In September, the Internal Revenue Service announced it would give a bounty of up to $ 625,000 to anyone who could break Monero.
The functionality for CipherTrace’s tracking tools has not yet been confirmed. A representative from Monero Outreach told Cointelegraph in October that they would be “highly suspicious of any claims that companies can track Monero transactions” and that any company that did would hardly “track portfolios or amounts for any transaction” .
Monero’s price is $ 123.37 at the time of publication, having dropped 3.6% in the past 24 hours.
