Cybersecurity Experts have stumbled upon a new darknet tool that offers criminals a way to check if their cryptocurrency the assets relate to known criminal activity.
Report on the tool, BBC notes that although cryptocurrencies are considered anonymous, law enforcement around the world has made arrests by tracing contaminated cryptocurrencies through the public blockchain.
“We are seeing criminals starting to fight blockchain analytics and this service is a first,” said Dr. Tom Robinson, chief scientist and founder of analytics provider Elliptic, who discovered the website.
The tool is called Antinalysis, and it offers criminals a way to check how “dirty” their cryptocurrency is.
Speaking to Brian Krebs, crypto tracing expert Nick Bax said he believes Antinalysis is just a clone of AMLBot, described as an anti-money laundering intelligence service that first went live in 2019.
According to reports, money laundering through the use of cryptocurrency is quickly becoming a major headache for governments around the world, especially China, the United Arab Emirates, and the United Kingdom.
However, according to Dr Robinson, Antinalysis, which charges $ 3 to verify a single bitcoin address, is not performing very well at the moment. This is not surprising, as delivering accurate blockchain analytics requires a significant investment in technology and data collection over long periods of time, he noted.
“Either way, the tool represents an important new capability for crypto launderers. They can now test their own washing methods, be it blenders or layering techniques, by sieving their own. Bitcoin wallet, before taking the risk of making a deposit in an exchange or other service provider, ”concluded Dr. Robinson, warning compliance professionals to keep an eye out for this growing trend.
Going through BBC