CipherTrace files two patents for Monero transaction-tracing technology

CipherTrace, the analytics company, has filed two patents for a technology designed to trace transactions on the Monero network, the anonymous cryptocurrency.

CipherTrace Files Two Monero Cryptocurrency Tracing Patents https://t.co/URmue0VT2n CipherTrace has filed their second Monero tracing patent application— Techniques and Probabilistic Methods for Tracing Monero #Monero #XMR #privacycoin

— CipherTrace (@ciphertrace) November 21, 2020

The first patent was titled “Techniques and Probabilistic Methods for Tracing Monero”; the second, “Systems and Methods for Analysing Monero.”

They include tools to study transaction flows in the Monero network, which will assist in financial-crime investigations, statistical and probabilistic methods for categorising transactions and grouping likely wallet owners, as well as visualisation tools and methods to track coins stolen or used for criminal purposes.

“Our aim is to enable the identification of users involved in criminal activity, thereby increasing the security and resilience of private coins like Monero in the future,” the company said.

The company added that it has been developing such tools since early 2019 as part of a project run by the U.S. Department of Homeland Security.

In August this year, CipherTrace unveiled the Monero transaction-tracing tool.

In October, the Internal Revenue Service (IRS) identified the winners of a competition to develop tools for tracing XMR transactions that circumvent anonymity technologies. The winners were Chainalysis and Integra FEC.

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