CipherTrace Files Patent For Tracing Monero Transactions

Vandana  |  Nov 23, 2020

CipherTrace, a crypto analytics firm, has recently filed two different patents for tracing Monero transactions. This step is taken because a lot of exchanges are quite concerned about the money laundering issue associated with Monero. This is the reason why many of the exchanges have already delisted Monero from their platform. Now CipherTrace has filed these two patents to decipher the coin due to concerns associated with the coin.

CipherTrace Will Be Tracking Stolen And Illegally Used Coins

According to the announcement by CipherTrace, the two patents that it has filed are named as, “Techniques and probabilistic methods for tracking Monero” and another one is “Systems and methods for analyzing Monero.” It is believed that these patents will help the firm to assist in the criminal investigation process along with other functioning. This will also help them to efficiently track the coins that are either stolen or being used illegally. 

CipherTrace stated:

“Our goal is to provide the ability to identify users involved in criminal activity, and thereby increase the security and resilience of private coins like Monero in the future.”

Project Implemented by US Homeland Security Department

CipherTrace has specified that they have been working on it for more than a year now. The U.S. Homeland Security Department has also implemented a part of this project which is a big achievement for the firm. Back in August, the firm also released a tool for tracking Monero transactions. The privacy coin has been facing problems from different exchanges across the world. Monero has been delisted from BitBay to prevent money laundering. There are other exchanges as well like Upbit, OKex, and many others that have delisted Monero and other privacy coins from their platform due to the same concern. Now, this step by CipherTrace seems like a great move that can help in improving the credibility of Monero and getting it listed on exchanges.

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