DHS-Funded Monero Tracing Tools Are Now Available From CipherTrace

The Monero community, on the other hand, is suspicious of the toolset’s efficacy.

CipherTrace, a blockchain analytics business, has announced introducing a set of tracing tools for Monero, a privacy coin.

CipherTrace is a tracing service.

CipherTrace’s Monero toolset, according to reports, allows customers to track money backward from a particular transaction to its source. For that reason, it also contains visualization tools.

According to CipherTrace CEO Dave Jevans, the tracking toolkit ensures the long-term sustainability of privacy coins by helping exchanges and other cryptocurrency businesses comply with anti-money laundering (AML) regulations.

The toolkit, accessible for existing CipherTrace users—primarily colleges and government agencies—will cost $16,000 per year per user.

CipherTrace has also filed two patent applications for the toolkit in the United States.

The DHS funded the Monero Toolset.

According to a news statement issued today, the tools are based on research partially sponsored by the Department of Homeland Security.

CipherTrace first unveiled its DHS product in August of 2020. Researchers from Monero immediately chastised the business for failing to provide a reliable tracing technique. Monero, unlike other blockchains, uses stealth addresses and other characteristics to make transaction analysis difficult, if not impossible.

Because today’s statement provides no further information on how CipherTrace’s tracking tool works, most of the Monero community’s initial criticisms remain valid.

Monero Outreach has rejected the toolkit as vaporware, promising only future development. However, that specific critique appears to be incorrect now that CipherTrace has published the program.

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