CipherTrace Says Homeland Security Work Gave Rise to Monero-Tracking Patent Filings

CipherTrace Says Homeland Security Work Gave Rise to Monero-Tracking Patent Filings
(Laborant/Shutterstock)

Blockchain analytics firm CipherTrace has filed two patent applications for tech it claims will assist authorities in tracking transactions made with the monero (XMR) cryptocurrency.

According to on Friday, the firm most recently filed a document titled “Techniques and Probabilistic Methods for Tracing Monero” as a follow up to the earlier “Systems and Methods for Investigating Monero” patent application – both arising from the firm’s work with the U.S. Department of Homeland Security that began in 2019.

The filings provide technical concepts for forensic tools allowing exploration of transaction flows in financial investigations.

While monero, the 16th largest cryptocurrency on , sets out to offer users more anonymous and private transactions, it is supported by 45% of darknet markets and is favored by criminals for the same properties, the company said.

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