Mobile App For Cryptocurrency Forensics And Investigation Introduced By CipherTrace

Blockchain, News | September 25, 2019 By:

Blockchain security company CipherTrace has released a new mobile forensic tool, which is purpose-built for cryptocurrency field investigators.

Founded in 2015, CipherTrace develops cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. These products are used by government, regulators, law enforcement investigators and auditors to enforce AML laws, combat crime and reduce fraud. Cryptocurrency exchanges also use the platform to comply with AML laws. Banks use CipherTrace to mitigate threats related to customer cryptocurrency activity.

The new mobile forensic tool, called CipherTrace Scout, helps users quickly identify tainted tokens and trace illicit sources of bitcoin and ethereum. The goal of the new mobile forensic tool, which is now available on the Apple App Store and Google PlayStore, is to significantly improve cryptocurrency investigations, stave off bad-actors, and help further the progress of virtual assets as a valuable financial conduit.

According to CipherTrace, Scout will enable investigators to determine if tokens are tainted through ransomware transactions, dark market purchases, or other criminal activities by simply entering any ethereum or bitcoin address into a search interface.

“The app instantly delivers a risk classification based on the relative risk of transactions related to the address,” the company said. “The app also displays the address balance, the amount received and sent, and the total number of transactions. Users can sort transactions by owner, type, and country, and investigators can tag specific individuals, companies or addresses according to their case status. In addition, the app makes it easy for investigators to share details about cases and addresses with their colleagues for deeper analysis.”

CipherTrace said that several law enforcement, government organizations, regulators, and auditors have already expressed interest in the app.

“Our government and law enforcement customers have been clamoring for it,” said CipherTrace COO, Stephen Ryan. “With the recent spike in cryptocurrency used in street crime and increased severity of ransomware, CipherTrace Scout provides investigators with instant access to cryptocurrency intelligence while in the field. Investigators are on the move constantly, tackling multiple projects, and need instant insights anywhere, anytime to better evaluate illicit financial activity.”