- CipherTrace has released a set of Monero tracing tools.
- The toolset is the result of funding from the U.S. Department of Homeland Services that began last year.
- The Monero community is skeptical of the tool’s effectiveness.
Blockchain analytics firm CipherTrace has announced the release of a set of tracing tools for use with the privacy coin Monero.
CipherTrace Provides Tracing Tools
CipherTrace’s Monero toolset reportedly allows the company’s clients to trace funds “backwards from the transaction of interest to its source.” It also includes visualization tools for that purpose.
CipherTrace CEO Dave Jevans stated that the tracing toolset “bolsters the viability of privacy coins for the long-term” by allowing exchanges and other cryptocurrency companies to comply with anti-money laundering (AML) requirements.
The company plans to charge $16,000 per year per user for the toolset, which will be available for existing CipherTrace users—primarily institutions and government agencies.
CipherTrace has also applied for two U.S. patents for the toolset.
Monero Toolset Was Funded By the DHS
Today’s press release says that the tools are “based on research partially funded by the Department of Homeland Security.”
CipherTrace initially began to work on its tool for the DHS in August 2020. Monero researchers quickly criticized the company for failing to prove a viable tracing method. Unlike most blockchains, Monero relies on stealth addresses and other additional features that make transaction analysis difficult if not impossible.
Today’s announcement does not give any further details about how CipherTrace’s tracking product actually works, and as such, most of the original criticism from the Monero community still stands.
More recently, Monero Outreach dismissed the toolset as vaporware that merely promised future development. Now that a tool has apparently been released, that particular criticism seems to be inaccurate.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article