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January 26, 2021
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CipherTrace claims it will be able to identify Monero users –

Is this the end of Monero’s anonymity? CipherTrace says it will be able to identify XMR users who are using their means to pursue illegal purposes.

CipherTrace takes a closer look at Monero

CipherTrace announced Friday that it has filed two patents for technology that enables transaction tracking on the Monero network.

On CipherTrace blog, in a November 20 entry, the company said the patents will cover forensic tools to investigate transaction flows in the Monero (XMR) chain. These are to help, for example, in criminal investigations and make it possible “Grouping of possible portfolio owners”, as well as tracking stolen or used in XMR crimes.

“Monero’s traceability through CipherTrace makes it possible to identify when incoming [na giełdę] XMR may be of criminal origin “

– we read on the blog.

“[Naszym] the goal is to enable the detection of criminals and thus increase the security and sustainability of privacy coins such as Monero in the future “

– added.

Darknet cryptocurrency?

While Bitcoin (BTC) is still the preferred medium of exchange for many darknet market users, the use of XMR is increasing in this field. Law enforcement has yet to find a reliable way to track transactions on the Monero network. CipherTrace wants to help them – the company has reportedly been working on a way to track XMR transactions since early 2019.

CipherTrace CEO Dave Jevans said Cointelegraph already in August that the company developed the first transaction tracking tool in the Monero chain. Such a tool could potentially support national crime services and reduce money laundering.

The company also said it had developed such a Monero tracking tool as part of a project it was running in partnership with the US Department of Homeland Security. And in September, IRS announced that it would award a reward of up to $ 625,000 to anyone who could crack the Monero code.

However, the actual capabilities of the CipherTrace tracer have yet to be confirmed. One Monero Outreach representative told Cointelegraph in October that he would be “Highly suspicious of any claim that corporations may be tracking Monero transactions.”

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