Monero XMR Cipher Trace

Monero (XMR) Tracing Tool from Cipher Trace with Tracing Capabilities

September 1, 2020 Off By Maheen Hernandez

Dave Jevans was recently interviewed by Dr. Sarang Noether and Justin Ehrenhofer for more information about their Monero Tracing Tool.

Justin Ehrenhofer tweeted:  “Dr. Sarang Noether and I just interviewed Dave Jevans (@davejevans), the CEO of @CipherTrace on their new Monero tracing tool. It was an absolute pleasure having Dave on to give a little more insight into the tool they publicly announced today.”

CipherTrace is a company focused on blockchain analytics.  They work with 3 different types of customers.  One are cryptocurrency exchanges that need to do investigations if their customer’s funds gets stolen.  They also need to be performing anti-money laundering duties to assess the money that comes in and goes out of the exchange for over 800 currencies they support.

Second user group are law enforcement and regulators.  So, users are those who work on criminal cases involving cryptocurrencies and try to figure out where the money went and how to stop criminal and other types of activities.

The Third group are financial institutions who are primarily banks and we help them to monitor cryptocurrencies and also to assess companies when they want to provide banking relationships.

Cipher Trace provide for “Cryptocurrency Intelligence Solutions for More than 87% of Global Virtual Assets.”

Sydney Ifergan, the crypto expert tweeted: “Monero Tracing tool From Cipher Trace who are involved in identifying illicit funds while en route is interesting.”

The Cipher Trace are the world’s first blockchain Forensics Team where payment experts collaborate to fight crypto crime – e-crime.  Their mission is to protect financial institutions from virtual asset laundering risks and crypto related threats and to growing the blockchain economy by making it safe for users and trusted by government.

Those who are interested to know more might want to watch the video covering the entire interview.

Monero (XMR) Tracking Tool

Reportedly, the Monero Tracing Tool has been developed to help with the US DHS investigations.  The claim now is that Monero can be traced.  It should be noted that many of them are in to Monero for the kind of anonymity facilitated by it, but if it becomes possible to trace the transaction then it is not a good news for those who benefit from the transaction. However, this tool is to be used to track stolen Monero and to identify ransom ware cases.

Reportedly, “The tools include transaction search, exploration and visualization tools for Monero transaction flows that have been integrated with CipherTrace’s inspector financial investigations product.”

Several community members are skeptical about this news.  They are wondering about the legitimacy of their claims.