Tuesday, July 5, 2022
HomeBlogResearchers develop method to track criminals using cryptocurrency

Researchers develop method to track criminals using cryptocurrency

Researchers are developing a digital detection tool to track the illegal transactions of criminals using cryptocurrencies.

National Intelligence Agency and Department of Defense National Center for Defense Science and Technology Griffith University Blockchain Specialist Vallipuram Muthukumarasamy and University of Queensland Professor Ryan Coe and Professor Marimuthu Palaniswamy of the University of Melbourne.

Bitcoin and other cryptocurrencies have been banned in China due to concerns about criminal activity.

Bitcoin and other cryptocurrencies have been banned in China due to concerns about criminal activity.loan:AP

Researchers are developing theories on how to operate such a tool, and Professor Muthukkumarasamy said that in three years, nearly $ 600,000 will help improve it.

“The biggest problem for law enforcement agencies is the lack of tools off the shelf to deal with things like this,” he said.

Most people are familiar with Bitcoin, but more than 2,000 other cryptocurrencies are sold worldwide.

Cryptocurrencies are being traded digitally without official supervision and are increasingly being used by criminals to launder money, and a report released this year by Chinalysis, a cryptocurrency transparency agency, has blocked about $ 10 billion.

As a sign of a large increase in the use of cryptocurrencies globally, that figure represented only 0.34 percent of total transaction value during that period.

Cryptocurrency transactions take place in public ledgers called blockchains, which can be viewed and tracked in public, however, criminals often use “mixing” or “flipping” services to hide the origin of the money.

Services split one transaction into several separate transactions, extend it through the ledger, and finally place it in a “clean” digital wallet ready to be used.

Source

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments