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Cypher Trace introduced the Monroe Transaction Tracking Tool

Blockchainchain analyst CipherTrace has announced that it has developed a toolkit that can track Monroe transactions. However, Monroe researchers claim that the company has not yet been able to prove the effectiveness of its tracking system.

to the Report Crypto Briefing, China’s blockchain analyst Cypress Trace, has said it has developed a suite of tracking tools that can track Monroe’s tracking digital currency transactions.

According to Cypher Trace, this set of tracking tools, designed specifically for Monroe, allows the company’s customers to track “the funds received in the opposite direction, ie from destination to origin.” The tool also includes the ability for users to receive output in the form of graphs and visual data.

Cypriot Trace CEO Dave Jevans said the toolkit “increases the chances of private digital currencies surviving in the long run” as it allows exchanges and other digital currency companies to operate with Comply with anti-money laundering regulations.

Cypher Trace is set to offer this set of tools to its current customers at an annual cost of $ 16,000 per user, most of whom are government agencies and organizations.

Cypher Trace has also filed two patent applications for this new toolkit in the United States.

Recent news indicates that the tool is based on research funded in part by the US Department of Security. Cypher Tracy had previously said in August 2020 that the tool was designed specifically for the US Department of Security. However, Monroe researchers were quick to criticize Cypher Trace, claiming that the company had failed to prove the effectiveness of its tracking method. Unlike other blockchains, Monroe is built on address hiding and other features that will definitely make it very difficult if it does not make it completely impossible to parse and track transactions.

Also read: What is Monero? + Video

The announcement released today did not provide any further details on how the tracking tool works, and the Monroe community’s main criticisms of the tool remain unanswered.

The Monero Outreach website recently described the Cypriot Trice toolkit as nonsense whose developers only promise it will be released in the future. Now that Cypher Trace has announced the release of Monroe tracking tools, this claim seems to be completely untrue.


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