In recent times, the number of illicit transactions involving cryptocurrencies has increased by a huge margin. The authorities are finding it hard to track such transactions as there are millions of transactions every day. In this regard, Cellebrite, which is working as a digital intelligence firm, has launched the Cellebrite Crypto Tracer solution. It is not only about the tracking of illicit transactions that take place using virtual currencies but also to curb the nexus of various users who are involved in this racket of transfer of various illegal items. Hence it can be useful to the economy worldwide.
This is aimed to trace illicit cryptocurrency transactions, and it will be available for investigators and analysts. They can obtain evidence against such transactions in an authorized manner and trace criminals. This will have wide applications in the law enforcement field as they need such services to track money laundering activities supporting terrorism, sale of drugs, weapons, and human trafficking crimes.
Many criminals use cryptocurrencies for such transactions, as it is difficult to trace such transactions. They buy such cryptocurrencies through the darknet and use them for illegal activities. In recent years, the number of ransomware schemes involving cryptocurrencies is on the rise, and authorities are not able to do much to contain such criminals.
Tracing millions of data points
The Cellebrite Crypto Tracer solution works effectively by tracing millions of open source references, and it can curate millions of data points from such transactions. It can easily provide the account type and details of account holders along with contract types used for such transactions. In this way, law enforcement agencies will have an easy to access tool to track such transactions in quick time.
Recent trends with illicit crypto transactions
In recent years, the number of criminals using such crypto transactions is on the rise. As many users are now comfortable using digital currencies for various transactions, it has become easy for criminals to target vulnerable people. Getting the required regulation for using cryptocurrencies in every country is not an easy task. This is where criminals find some advantage as they can conduct transactions from different locations.
The recent twitter hack incident severely dented the image for the blockchain markets as criminals are now openly using such platforms to conduct scams. In this situation, crypto tracer solutions will have good demand as it can end such illicit transactions by tracing the scammers.