Cellebrite- the digital intelligence (DI) platform introduced a new crypto tracer solution that can track illicit transactions.
The new “Cellebrite Crypto Tracer” tool believed to offer robust solutions to law enforcement investigators, government agencies, analysts to comprehensively trace illicit activities involving blockchain technology and cryptocurrency.
Leeor Ben-Peretz, Chief Strategy Officer, Cellebrite said-
This is a misconception that blockchain and cryptocurrency transactions remain untraceable and unknown. However, “the essence of blockchain is to indelibly keep a record of each step of every transaction. We’re enabling investigative teams to extract this information and use the power of Digital Intelligence (DI) to aid them in interpreting the data needed to identify illicit blockchain activity and keep communities safe.”
The press release published on July 28 given the detailed overview of the cryptocurrency & blockchain investigations solution, allows the team to legally obtain the information and data of criminal deeds. The tool would help in tracing offenders who employ bitcoin including other cryptocurrencies in illegitimate activities like ransomware schemes, drug, and human trafficking, terrorism, weapon sales, and last but not least, money laundering practices.
As per the website, the CipherTrace Inspector provides “the intuitive visual environment that allows even non-technical agents and analysts to easily identify and trace criminals who attempt to use Bitcoin on the Internet to conceal their illicit activities.”
The comprehensive cryptocurrency investigation solution (Cellebrite Crypto Tracer), is powered by CypherTrace– blockchain analytics and crypto-focused forensics team which formed with a purpose to fight against crypto crime. The intelligence firm founded in 2015 when the founders of the company lost bitcoins in the MtGox meltdown.
The release while citing data from Oxford Academic reveals that till April 2019 “every year $76 billions of illegal activities involve the use of bitcoin.” Meaning, 46% of bitcoin transactions from the total global transactions involved in illegal conducts, “which is close to the scale of the U.S. and European markets for illegal drugs.”
Reveal illicit transactions Via Cellebrite Crypto Tracer Solution
The study reveals that nearly one hundred percent of the Dark Market transactions are done through Bitcoin and other cryptocurrencies. This is due to the anonymous nature of digital currencies and the ease of doing transactions word-wide on a public ledger where traceability is almost obscure.
However, as per the claims, Cellebrite Crypto Tracer Solution is designed to aid the investigators to get “full visibility into the lifespan of cryptocurrency transactions” from its origin to its receiving point, whether wallets and exchanges, the solution caters both the modes. The solution would provide “a dataset of over 522 million attributable points which would offer the detailed analysis and history of the transactions including the criminal’s identification.” The release noted.
The release mentions some of the features of the “Crypto Tracer Solution” that would be highly valuable for the investigators. These are: utilize a blockchain search engine, conduct risk scoring, show a deep analysis of potential risks, demonstrate high-quality advanced attribution, leverage a massive transaction database, operate with integrated case management including other advanced techniques to expose financial cybercrime and fraud.
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