Iran Crypto News

Ciphertrace Scout App Goes Mobile With Crypto Investigation

Blockchain forensics firm CipherTrace recently developed an app capable of flagging cryptocurrencies (mainly Bitcoin and Ethereum) with an illicit history.

This comes as a piece of fabulous news for investigators, as it gives them the leeway to identify, track, and record cryptos with criminal past.

The mobile app builds up from what investigators employ. There is a responsive interface that traces addresses via blockchain, to know those coins which have been engaged in one illicit act or the other.

All investigators have to do is input the address, and the app produces a report instantaneously. Speaking at the unveiling of the app, Julio Barragan, financial crime and compliance analyst at CipherTrace said it flags illicit addresses to a high degree of accuracy.

“You can imagine some beat cop in a high-risk area, literally finding something that appears to be tainted. He can share a case with an analyst at headquarters, and that analyst could do the tracing very quickly to determine where the source of the funds was,” Barragan said.

Casey Bohn, a high-tech crime specialist, and educator for the National White Collar Crime Center who trains agents to use CipherTrace mentions that the tech will be put to use immediately.

“I think a scenario like this, where I can put an address in and see: ‘hey, this [address] has been involved in some sort of nefarious activity,’ I think that can be huge. You can almost rule in and rule out things at that point.” Bohn said.

Bitcoin Price According To CoinDesk 

Ciphertrace Develops New Mobile Tool

Putting A New Twist On An Old Service

Tracking software has been used over the years by investigators, auditors, and federal agencies to identify criminals.

Software like Chainalysis have been employed by agencies, and security personnel to identify and obtain evidence on individuals using Crypto for criminal dealings.

Federal Bureau of Investigation (FBI) and Homeland security agents have a responsive database called the Internet Crime Complaint Center, which maintains a list of illicit acts and criminal occurrences.

Technologies such as CipherTrace and Chainalysis have made life easy for investigators. CipherTrace has been tested on several occasions, and it has produced outstanding results.