• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Is CipherTrace’s Monero Tracking Tool as Effective as it Claims?

Samuel Wan by Samuel Wan
2 years ago
in Monero
Reading Time: 2 mins read
Advertisement

A spate of exchange delistings has pushed privacy coins further to the fringes of cryptocurrency. The likes of Monero, Komodo, Bytecoin, and ZCoin have all felt the pinch of regulatory compliance in recent times.

But things ramped up today as blockchain analytics firm CipherTrace publicized its new Monero tracking tool.

In conjunction with the US Department of Homeland Security (DoHS), who have long been watching the development of privacy coins, forensic tools to trace Monero transactions now exist.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to CipherTrace, these tools allow search, exploration, and visualization of XMR transactions.

On that, the CEO of CipherTrace, Dave Jevans, said the development was a culmination of a year’s work. What’s more, he declared the tracing tool a world’s first.

“Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. There is much work still to be done, but CipherTrace is proud to announce the world’s first Monero tracing capability.”

CipherTrace Announces World’s First Monero Tracing Capabilities for Law Enforcement, Government, and Virtual Asset Service Providers https://t.co/jcP1tfaKzK #monero #privacycoins #blockchainanalytics

— CipherTrace (@ciphertrace) August 31, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Monero Stakeholders Are Skeptical Over Claims

Such a development would render Monero’s primary use case void. But, given the broadness of the claims, some in the community remain cynical of the tool’s capabilities.

In an interview with Jevans, Compliance Analyst at DV Trading, Justin Ehrenhofer, and Researcher at Monero Research Labs, Dr. Sarang Noether, dived deeper to find out more.

Analyzing paperwork from CipherTrace, Noether asked Jevans how the tracing tool works, whether by directly identifying spend outputs on-chain or through determining statistical likelihoods.

“If I have a suspicion that two previous transaction outputs were directed to the same entity, later on, depending on how the user decides to act, he might spend a transaction that includes one of those outputs in one ring, and another one of those outputs in another ring. But both of which are associated with a single transction. And from there you might assign a certain statistical likelihood that those are in fact the true signers among those particular rings. Is that what this is showing?”

In response, Jevans was unable to answer the question, saying it was too technical for his understanding.

Noether pushed further by directly asked what is the method by which the Monero tracing tool works.

Jevans then confirmed Noether’s assessment by saying the tool uses statistical analysis to narrow the field of search. But he was unable to give more details on how this model determines statistical significance.

“to develop a skeleton, if you will, framework for improving the accuracy of the heuristical search models. And so, using probablistic models we’re able to trim down the search tree dramatically.”

As such, despite the fanfare, the tool developed by CipherTrace is not capable of directly tracing ring signers. With that, Monero stakeholders can breathe a sigh of relief as its protocol remains private.

Monero daily chart

Monero YTD daily chart with volume. (Source: tradingview.com)
Tags: ciphertracemoneroXMRUSD
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

Monero (XMR)

Monero Soars 50% As Crypto Market Weakens, What’s Behind the Rally?

1 month ago
Monero (XMR)

Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

3 months ago
Picture of Monero and Kraken logos on a see-saw

Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

6 months ago
Monero XMR XMRUSDT

Monero Featured In Last Week Tonight, Essential Tool In “Ransomware Economy”?

9 months ago
Newly Discovered Monero (XMR) Glitch Will Negatively Affect Transaction’s Privacy

Newly Discovered Monero (XMR) Glitch Will Negatively Affect Transaction’s Privacy

10 months ago
Monero XMR XMRUSDT

How This Monero Bug Could Impact User Privacy

10 months ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Global Fit Club: The World’s 1st gym that pays it’s members set to launch

May 24, 2022

The Last Palmswap Trading Competition Before Mainnet Launch. Up to 500K PALM in Prizes – for free!

May 24, 2022

Cardano NFT Disruptor – EGO.COM Enters the Game

May 24, 2022

LBank Weekly Listing Report, 23th May 2022

May 24, 2022

Muu Inu (MINU) Is Now Available for Trading on LBank Exchange

May 24, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.