The new trick cyber-criminals are using to evade capture


In the cyber-realm, this battle between criminals and the authorities has been raging for years. Despite the anonymous nature of cryptocurrencies, dozens of cyber-criminals have been caught in the last two years thanks to new techniques able to track their funds around the cryptocurrency blockchain a public list of all transactions between wallets.

A new service has launched on the darknet offering criminals a way to check how “clean” their digital coins are.

“It’s called Antianalysis and criminals are now able to check their own Bitcoin wallets and see whether any association with criminal activity could be flagged by authorities,” Dr Robinson said.

Elliptic says the discovery shows how sophisticated cyber-crime networks are becoming, and how worried criminals are about getting caught.

“It’s a very valuable technique. If your funds are tainted, you can then do more laundering and try to remove that association with criminal activity until you have clean coins,” he said.

Dr Robinson says it is a concerning new trend that could make their work and that of law enforcement harder. But luckily his researchers who tested it say the service isn’t working very well at the moment.

Governments around the world including in China, the UAE and UK are trying to grapple with the growing problem of money laundering through cryptocurrencies.

There have been some high-profile arrests thanks to cryptocurrency tracking – such as US teenager Graham Ivan Clark, who is currently in prison for masterminding one of the biggest-ever social media hacks.

In just a couple of hours Clark made more than $100,000 (£72,000) and began the process of moving the funds around to hide his tracks.

It didn’t work. In the charge sheet against him, the US Department of Justice said that officers had successfully “analysed the blockchain and de-anonymised Bitcoin transactions allowing for the identification” of the hackers.

Another trend that is concerning authorities is the increased use of so-called privacy coins. These are cryptocurrencies like Monero and XRP that offer more anonymity than mainstream coins like Bitcoin.

In some extortion cases, hackers are now asking victims to pay using these coins in exchange for a discount.

Again, this is a trend that is yet to fully take off and Kim Grauer, director of research at cryptocurrency analysis firm Chainalysis, says this method has drawbacks for criminals.

What do you think?

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