{"id":10568,"date":"2021-08-06T03:54:33","date_gmt":"2021-08-06T03:54:33","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/ciphertrace-announces-enhanced-monero-tracing-capabilities-for-governments\/"},"modified":"2021-08-06T03:54:33","modified_gmt":"2021-08-06T03:54:33","slug":"ciphertrace-announces-enhanced-monero-tracing-capabilities-for-governments","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ciphertrace-announces-enhanced-monero-tracing-capabilities-for-governments\/","title":{"rendered":"Ciphertrace Announces Enhanced Monero Tracing Capabilities for Governments"},"content":{"rendered":"

Crypto compliance firm Ciphertrace has announced enhanced tools for tracing Monero transactions. \u201cCiphertrace takes Monero tracing capabilities to the next level with the ability to follow the flow of funds backwards from the transaction of interest to its source,\u201d the company claims.<\/strong><\/p>\n

Ciphertrace Claims to Have \u2018Enhanced\u2019 Tools to Trace Monero Transactions<\/h2>\n

Blockchain analytics and crypto compliance firm Ciphertrace announced Thursday \u201cenhanced Monero tracing capabilities for government agencies and financial institutions.\u201d The announcement details:<\/p>\n

Based on research funded partially by the U.S. Department of Homeland Security, Ciphertrace offers next-generation visualization tools for Monero tracing.<\/p>\n

\u201cCiphertrace takes Monero tracing capabilities to the next level with the ability to follow the flow of funds backwards from the transaction of interest to its source,\u201d it adds. \u201cThe new enhancements offer customers the ability to prepare detailed visual reports to better trace suspicious activities.\u201d<\/p>\n

Dave Jevans, Ciphertrace\u2019s CEO, commented: \u201cThe availability of this enhanced Monero tracing bolsters the viability of privacy coins for the long-term, assuring regulators that exchanges, OTC desks, and other virtual asset service providers will be able to comply with global anti-money laundering requirements while continuing to accept monero [XMR<\/a>] transactions.\u201d<\/p>\n

Carol Van Cleef, chair of the Blockchain and Digital Assets Practice at Bradley Arant Boult Cummings LLP, noted that \u201cTracing Monero transactions has presented significant challenges for many organizations,\u201d elaborating:<\/p>\n

Ciphertrace\u2019s unique technology and new visualization enhancements for tracing Monero transactions are a big step forward for crypto exchanges and financial institutions that need more transparency into Monero transactions as they work hard to manage money laundering risks related to privacy coins.<\/p>\n

In addition, Ciphertrace applied for two U.S. patents<\/a> for its Monero tracing technology in November last year.<\/p>\n

<\/p>\n

The Monero community is skeptical about Ciphertrace\u2019s Thursday announcement, however.<\/p>\n

Twitter user \u201cSeth For Privacy,\u201d host of the privacy-focused Opt Out Podcast, pointed out<\/a> that the announcement by Ciphertrace provides no details and the company has made a similar claim before.<\/p>\n

In August last year, Ciphertrace announced<\/a> the \u201cworld\u2019s first Monero tracing capabilities for law enforcement, government, and virtual asset service providers.\u201d Monero proponents disagreed, however, that the tool announced could actually trace the privacy coin\u2019s transactions. \u201cIt is extremely unlikely that Ciphertrace can trace Monero to the remote extent that they can trace any other coin,\u201d Justin Ehrenhofer, a crypto compliance professional, explained on Twitter at the time.<\/p>\n

A couple of months after Ciphertrace claimed to have a tool to trace Monero transactions, the U.S. Internal Revenue Service (IRS) hired<\/a> crypto intelligence firm Chainalysis Inc. and data forensics firm Integra Fec LLC to provide tools to track Monero transactions. This suggested to the crypto community that the solution offered by Ciphertrace was not sufficient.<\/p>\n

Do you think Ciphertrace actually has tools to effectively trace Monero transactions? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nPrivacy, chainalysis monero, Ciphertrace, ciphertrace monero, Monero, monero tracing, monero tracing tool, monero tracking, monero tracking tool, monero transactions, track monero transactions<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto compliance firm Ciphertrace has announced enhanced tools for tracing Monero transactions. \u201cCiphertrace takes Monero tracing capabilities to the next level with the ability to follow the flow of funds backwards from the transaction of interest to its source,\u201d the company claims. Ciphertrace Claims to Have \u2018Enhanced\u2019 Tools to Trace Monero Transactions Blockchain analytics and…<\/p>\n","protected":false},"author":0,"featured_media":10569,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10568"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10568"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10568\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10569"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}