A dark web service called Antinalysis made it easier for cybercriminals to use cryptocurrency to launder money by analyzing their risk of being flagged by law enforcement, but it was shut down shortly after it was disclosed to the public.
The service was discovered by a company called Elliptic, which uses blockchain analysis to help crypto asset companies meet regulatory anti-money laundering requirements. Elliptic shared his A blog post August 13, BBC Quick report Regarding “the evil new tricks cybercriminals use to avoid arrest.”
The trick? Follow law enforcement organizations and companies such as Elliptic to provide blockchain analysis to determine the level of suspiciousness of cryptocurrency wallets. Cybercriminals can use the tool to check whether it is safe to launder money through regulated exchanges. The tool reportedly charges $3 for Bitcoin wallet scanning.
According to reports, Antianalysis provides an overall risk score for scanned Bitcoin wallets and individual breakdowns of specific funds. “Darknet markets, ransomware and the proceeds of theft are considered’extreme risks’,” Elliptic said, “while funds from regulated exchanges and newly mined tokens are classified as’risk-free.'”
It’s not just the BBC that responded quickly to Elliptic’s findings. The person who used the pseudonym “Pharoah” and claimed to be the founder of the organization that runs Antinalysis said in a message to BBC reporter Joe Tidy that eight hours after Tidy’s report was published, the organization suffered “our data sources were illegal Seizure”.
The creator of this dark web service has contacted me via a statement. They said that the site was shut down 8 hours after our report came out, and it was not designed for criminals: https://t.co/OK39RV6jHd pic.twitter.com/LNLMcHVL4xAugust 16, 2021
This is not surprising.Regulators seem to be increasingly keen to combat money laundering using cryptocurrencies: China Strict restrictions The use of cryptocurrency and the prohibition of mining, the European Union is Want to limit Private wallets and the U.S. Also considered Stricter encryption rules.
Law enforcement organizations have also become more effective in enforcing these rules.one Particularly noteworthy examples The Metropolitan Police Department confiscated approximately US$400 million (£294 million) worth of cryptocurrency in June and July as part of an investigation into a money laundering program — you guessed it.
Block Report The operator of Antinalysis described its shutdown as temporary, so the service can make a comeback after recovering from the lost data source. Of course, it would not be surprising if, after all these hype, a similar criminal tendency blockchain analysis tool appeared after Antinalysis.