Cryptocurrency analysis company CipherTrace has just filed two patent applications to register its transaction-tracking technology on the Monero network.
According to CipherTrace, the solution includes tools to analyze the flow of transactions in financial investigations, assess risks based on statistical and probabilistic methods, identify groups of addresses potentially belonging to the same owner as well as display and track XMRs used for illegal purposes or obtained from illegal sources. CipherTrace says:
"Our Monero transaction tracking tech will allow virtual asset service providers to identify when an incoming XMR transfer is illicitly originated, allowing them to assess the risks of customer transactions in accordance with any requirements. Our goal is to provide tools to identify criminal users and, as a result, improve the security and resilience of anonymous currencies like Monero in the future."
CipherTrace has been developing tools to track Monero transactions since early 2019.
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