According to blockchain analytics business Elliptic, in a never-ending arms race between crypto compliance firms and cybercriminals, a blockchain analytics tool has been made available on the dark web, allowing bitcoin (BTC) addresses to be searched for linkages to illicit activity. The application allows cryptocurrency launderers to see if their funds could be detected as illegal proceeds by legitimate exchangers.
Blockchain analytics technologies are used by cryptocurrency exchanges all around the world to verify customer deposits for links to criminal activity.
“By tracking a transaction back across the blockchain, these technologies can determine whether the funds came from a wallet affiliated with ransomware or other illegal behavior. When a launderer uses such a tool to deliver monies to a firm, the launderer risks being identified as a criminal and being reported to law enforcement,” said Tom Robinson, Co-founder and Chief Scientist of Elliptic.
Antinalysis is a technology that helps criminals to evade detection by previewing what a blockchain analytics tool will determine based on their BTC wallet and the funds it contains. The website is powered by Tor, a version of the internet that protects users’ anonymity.
The site charges its users roughly USD 3 per BTC address and provides a summary of where it believes the cryptocurrency originated, categorizing revenues based on the risk of identification.