What does CipherTrace play? The company seems to want to gain the good graces of government institutions by wanting to end the anonymity conferred by the Monero (XMR). The goal would be to drive out criminals taking advantage of the benefits of XMR: a legitimate but not very credible justification when we know that the US tax authorities are willing to offer more than half a million dollars to be the head of Monero.
Hunt the Monero to ensure its viability
CipherTrace announces the filing of 2 patents for a technology capable of tracing the transactions of Monero – the XMR is however supposed to protect the anonymity of its users.
The company said the patents include tools to analyze transaction flows, statistical and probabilistic methods to assess and aggregate transactions, and methods to trace transactions. XMR stolen or used for illegal purposes.
The aim would be to identify criminals using Monero in order to improve the security and viability of private tokens such as XMR.
Although Bitcoin (BTC) or the preferred crypto for darknet users, cryptos like the Monero are gaining ground, especially since the judicial authorities do not have reliable tools to trace it.
Anonymity on a set: between bluff and reality
The CEO of CipherTrace, Dave jevans, said the company began developing tracking tools in 2019, as part of a project with the US Department of Homeland Security.
Other government agencies are looking for a way to identify the owners of the portfolios XMR.
In September 2020, the Internal Revenue Service announced that it would offer a bounty of $ 625,000 to anyone who could hack Monero.
To date, the real capacities of the CipherTrace have not yet been confirmed. A spokesperson for Monero Outreach said they were skeptical of claims that the transactions of XMR could be traced.
The team of Monero maintains that it is unlikely that any company will be able to succeed in such a transaction.
The course of Monero fell 3.6% after the announcement of CipherTrace.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Bitcoin is not an anonymous crypto. Cryptophiles who want to escape the government’s radar with their CBDCs, will find safe havens with crypto projects like Monero. The global security law, tracking in the name of the fight against the current pandemic: the famous “conspirators” denouncing the liberticidal measures could therefore be right? And what about CipherTrace? A double agent playing with each other for his own gain?
Litecoin, welcome in the Silver Age