- CipherTrace filed a second patent for tracking Monero transactions
- CipherTrace will now provide technical concepts and methods to track Monero
- Monero becoming the second favorite cryptocurrency for criminals
- Several exchanges have delisted privacy tokens
- South Korea will ban Privacy tokens
According to an announcement on Friday, the blockchain analytics firm, CipherTrace has filed second patent documents for tracking the transactions of Monero (XMR). One of the documents titled “Techniques and Probabilistic Methods for tracing Monero,” followed by the other document titled “Systems and Methods for Investigating Monero.”
What the filed patents by CipherTrace provide?
According to the release of CipherTrace, the firm claims that it will assist authorities in tracking transactions made with Monero (XMR) cryptocurrency. The firm will provide technical concepts for forensic tools. Such tools will help to explore the Monero (XMR) transaction flows for the purpose of financial investigations. The filing will also offer concepts for visual tools and methods to trace hacked or stolen Monero. Such methodologies that will help gain intelligence or traces about the XMR transactions are developed via third-party nodes. However, these probabilistic approaches will help to gain control over risk-based Monero and money-laundering.
Monero as the favorite crypto token of criminals
According to CoinMarketCap, Monero (XMR) is at the 16th position in the top 100 cryptocurrencies list by market cap. As Monero offers more anonymous and private transactions, so no users will accidentally or deliberately get traced. Monero is untraceable, and so, 45% of its users are from the darknet markets and favored for criminal conduct. The reason criminals cannot be scrutinized or penalized for using private transactions.
How will CipherTrace investigate criminal activity?
According to the announcement, the filed documentation will lay the groundwork for future executions of Monero transaction gathering. CipherTrace will provide Monero wallet identification and the exchange action of ascribing, giving law enforcement several tools for tracing criminal conduct and related activities using Monero (XMR).
Several privacy coins are facing the issues of delisting
Earlier this month, Colorado-based digital assets exchange, ShapeShift, have delisted several privacy shielded cryptocurrencies like Monero (XMR), Dash (DASH), and Zcash (ZEC), as providing the reason that such currencies have the risk of money laundering. Not only Shapeshift, several other exchanges, like OKEx and Upbit, have also delisted such digital tokens. South Korea has recently announced that such privacy digital tokens will be banned in this new year and even strict KYC requirements on crypto users.