The digital intelligence firm Cellebrite released a new crypto tracer dubbed “Cellebrite Crypto Tracer,” which gives the law enforcement and analysts the ability to track illicit crypto transactions. The crypto tracing solution is powered by CypherTrace and aims to trace illicit crypto involved in money laundering, terrorism, drugs, human trafficking, weapon sales, and ransomware schemes. The crypto tracer will be available to law enforcement agencies, analysts, and non-technical agents who want to lawfully obtain evidence and trace criminals who use crypto through the darknet.
“An estimated $76 billion worth of illegal activities involve Bitcoin.”
Citing figures from an Oxford University study, the digital intelligence firm Cellebrite states that an estimated $76 billion worth of illegal activities involve Bitcoin. The crypto tracing solution would allow investigators to aggregate and curate millions of open-source and private references, deception data, and human intelligence, resulting in a dataset of over 522 million attributable points. Leeor Ben-Peretz, chief strategy officer of Cellebrite, said that the crypto tracing solution is able to attribute millions of data points, such as account type, account holders, contract types, contract owners, and other metadata. Cellebrite Crypto Tracer can also pinpoint where the illicit funds were headed, whether that be a wallet or an exchange.
The use of crypto in illicit activities increases as bitcoin gets more mainstream exposure.
The crypto industry has come a long way since the inception of the first cryptocurrency bitcoin almost a decade ago. The industry is still emerging at an impressive speed. The leading cryptocurrency bitcoin has gained a lot of mainstream exposure over the last few years and continues to pique the interest of the general population. With the emergence of the crypto space, the numbers of crypto scams have also surged all over the world. Scammers rely on cryptocurrencies as they are tough to trace by law enforcement agencies.