CipherTrace to crack untraceable Monero

Long considered untraceable, Monero is now coming into the spotlight, albeit reluctantly so.

CipherTrace will use several types of forensic tools to trace XMR and how transaction flows on the ecosystem occur, providing law enforcement and central banks with a powerful ally in tracing clandestine transactions and revealing where Monero is used to the detriment of public good.

In a blog post published by the company, the development team said: “CipherTrace’s Monero tracing capabilities will allow [parties] to identify when inbound XMR may have criminal origins, allowing them to adequately risk rate customer transactions per any required regulations.”

This comes as a blow to parties who have long tapped into Monero as a currency which allows them to conduct supposedly illicit operations. Yet, so far, it has been mostly Bitcoin that was used on the darknet to facilitate a number of illegal operations.

CipherTrace developed its product as part of collaboration with the US Department of Homeland Security which is spending more time and effort to investigate funding to terrorist and illegal organisations which may be using cryptocurrencies to fund their operations.

In the meantime, if you are keen on playing at proven and trusted gambling websites, you can do so at Bitcasino, FortuneJack or 1xBit, where Monero is also accepted.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

Similar News

FCA launches new crypto asset marketing rules


UK marketers of crypto assets will need give first-time investing consumers a cooling-off period from 8 October 2023, under new...