CipherTrace, a cryptocurrency analysis company, announced on Friday that it has filed two patents for technology capable of tracking transactions for the Monero privacy coin.

In a blog post from CipherTrace on November 20, the company said the patents will include forensic tools to study Monero Transaction Flows (XMRs) to help with financial research, statistics and probable methods of recording transactions and compiling data on potential wallet owners. and visualization of tools and techniques for tracking stolen or unused XMRs. law.

The blog post states that “CipherTrace’s Monero tracking capabilities will enable [Virtual Asset Service Providers] to determine when incoming data contains XMR’s criminal assets, so that they can properly evaluate customer transactions in accordance with required rules.” Our goal is to ensure that rogue users are detected, thus increasing the security and resilience of privacy coins such as Monero of the Future. ”

While Bitcoin (BTC) remains the preferred medium of exchange for many dark market users, privacy currencies such as XMR gain. Police have not yet identified a reliable method of tracking Monero, and companies such as CipherTrace have a chance – the company is said to have been working on a method of tracking XMR transactions since early 2019.

Dave Jevans, CEO of CipherTrace, told Cointelegraph in August that the company has developed the first Monero transaction tracking tool. Such a tool can support the investigation of crime and reduce money laundering.

The company said it developed these Monero tracking tools as part of a project with the US Department of Homeland Security, but the latter is not the only government agency looking for a way to identify XMR wallets, the date and time of transactions. In September, the IRS announced that it would award a reward of up to $ 625,000 to anyone who could hack Monero.

The capability of CipherTrace tracking tools has not been proven. A spokesman for the Monero Outreach told the Cointelegraph in October that they would be “extremely skeptical of claims that companies can track Monero transactions” and that any company that does is unlikely to “track portfolios or amounts for any transaction.” …

Monero’s price stood at $ 123.37 at the time of publication, after falling 3.6% in the last 24 hours.

Source: CoinTelegraph

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