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By RTTNews Staff Writer | Published: 7/28/2020 10:17 AM ET
Digital intelligence firm Cellebrite teamed up with blockchain security firm CipherTrace to launch a Crypto Tracer solution to provide investigators with visibility to track illicit cryptocurrency movement by offering cryptocurrency tracing and blockchain analytic capabilities.
The solution will help accelerate investigations involving blockchain technology and cryptocurrency. It will help investigators to lawfully obtain evidence and trace criminals who use bitcoin and other cryptocurrencies for illicit activities, including money laundering, terrorism, drug and human trafficking, weapon sales, and ransomware schemes.
The CipherTrace Inspector-powered solution encompasses powerful and easy-to-use tools, investigation services, and training programs designed for investigators, analysts and non-technical agents. It helps investigators to aggregate and curate millions of open source and private references, deception data and human intelligence, providing full visibility into the lifespan of cryptocurrency transactions.
The graphic mapping and color-coded threat level transactions enhance the visualization and understanding of the activities and accelerate investigators' abilities to pinpoint primary and associated criminal activity and its perpetrators.
It is estimated that about $76 billion of illegal activities involve Bitcoin every year. Also, nearly all darknet market transactions involve cryptocurrencies, due to their ease of transacting online and across borders.
There has been a misconception and has long been assumed that blockchain and cryptocurrency transactions remain untraceable and unknown. The essence of blockchain is to indelibly keep a record of each step of every transaction and this helps to identify illicit blockchain activity by interpreting the data.
The perceived anonymity has encouraged criminals to use cryptocurrencies for illicit activity. All the transactions are recorded on the blockchain, which is a public ledger, enabling anyone to see the transactions, but they cannot see the identities of those executing the transactions.
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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.
Article reposted on Markethive by Jeffrey Sloe
