Privacy coins no more? CipherTrace files patents for tracing Monero transactions

Privacy coins no more? CipherTrace files patents for tracing Monero transactions


Crypto analytics firm CipherTrace announced on Friday that it had filed two patents for technology capable of tracing transactions for privacy coin Monero.

In a Nov. 20 blog from CipherTrace, the firm stated that the patents would include forensic tools to explore Monero (XMR) transaction flows to assist in financial investigations, statistical and probabilistic methods for scoring transactions and clustering likely wallet owners, as well as visualization tools and ways to track stolen or illegally used XMR.

“CipherTrace’s Monero tracing capabilities will allow [Virtual Asset Service Providers] to identify when inbound XMR may have criminal origins, allowing them to adequately risk rate customer transactions per any required regulations,” the blog stated. “[Our] goal is to enable the detection of criminal users, therefore increasing the safety and sustainability of privacy coins like Monero in the future.”

Trending: JUST RELEASED: Phone Call To Chinese Manufacturer Requesting a Bulk Order of Fake U.S. 2020 Ballots

While Bitcoin (BTC) is still the preferred medium of exchange for many darknet market users, there has been increasing acceptance for privacy coins like

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Send this to a friend