However, there is skepticism in the crypto community. We are grateful for the support of the Department of Homeland Security’s Science & Technology Directorate on this project. There is much work still to be done, but CipherTrace is proud to announce the world’s first Monero tracing capability. Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. Monero (XMR) is one of the most privacy-oriented cryptocurrencies. CipherTrace CEO Dave Jevans stated the following: The privacy coin uses ring signatures that allow the source of a transaction to remain hidden by cover it among other transactions. Data provided by the intelligence firm says that 45% of all transactions on the dark net are paid for with transactions in Monero. government to try to “de-anonymize” coins like Monero. The advance of CipherTrace is the result of an investment made by the U.S. Therefore, it has received negative attention from governments that have established measures for exchanges to remove Monero, Zcash, Komodo, among other privacy coins. Monero has been rated by international agencies, such Europol, as one of the few cryptocurrencies whose transactions are untraceable. Did the king of privacy coins, Monero, died? It also helps assure cryptocurrency exchanges, OTC trading desks, investment funds and custody providers that they do not accept Monero from illicit sources and investigate Monero received from potentially illicit sources and take appropriate actions to stay in compliance. This provides ways to track stolen Monero currencies or Monero currencies used in illegal transactions.

The tools, CipherTrace claims, will now become part of its financial investigation product known as CipherTrace’s Insperctor: CipherTrace claims it can explore Monero transactions in the following ways: transaction search and scanner, as well as a Monero transaction flow visualization. Department of Homeland Security (DHS), through its DHS Science and Technology Directorate branch.Īccording to the statement, the traceability tools for Monero have been created with the main objective of making them work as a forensic means of conducting criminal investigations. The tool was developed as part of a contract with the U.S. In a press release, CipherTrace has announced that it has successfully developed “tools to track” Monero (XMR) transactions. Tracking tools were developed in conjunction with the U.S.Crypto intelligence company CipherTrace is claiming to have developed tools for tracking Monero transactions.

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