23 September, 2019
Provider of analytical solutions CipherTrace launched a mobile application that allows users to determine whether certain coins in the Bitcoin and Ethereum blockchains are connected with criminal activity.
According to company representatives, CipherTrace Scout uses tools that already exist. Moreover, the application provides more opportunities for tracking and subsequent documentation in the field of transactions related to criminal activities. The application is able to identify coins that may have been used for illegal activities (ransomware attacks that require a ransom in cryptocurrencies, darknet purchases). As the company representatives commented, the created report indicates that suspicious addresses could be used by criminals. The data is passed to analysts who can quickly determine the origin of the funds.
Casey Bohn, an expert in high-tech crime and National White Collar Crime Center instructor, notes that the services of CipherTrace and Chainalysis are popular among police agents.
СipherTrace Scout was launched at a time when street crime began to use cryptocurrencies to sell drugs, child pornography and prostitution, which was also driven by increasing number of bitcoin ATMs.