Cellebrite, a digital intelligence firm has released a cryptocurrency transaction tracing tool called “Cellebrite Crypto Tracer,” which would help law enforcement agencies, businesses, and analysts to trace crypto transactions being used for any illicit activity such as money laundering, terrorism, drugs, human trafficking, weapon sales, and ransomware schemes.
The firm has promised to offer its crypto transaction tracing toolkit to investigators, along with analysts and even those who want to lawfully use the toolkit to obtain evidence of any kind of criminal activity being carried out using cryptocurrencies.
As per a study conducted by Oxford University, over $76 billion in Bitcoin is being used to facilitate illegal activities. The use of digital assets, especially Bitcoin and privacy-centric coins, has been a significant hurdle for law enforcement agencies and remains one of the prominent reasons governments have a passive stance towards regulating cryptocurrencies.
How Does Cellebrite’s Crypto Tracer Solution Work?
The Cellebrite crypto tracer solution creates an array of data sets with attributable points. The toolkit collects data from open-source and private references, deception data, and human intelligence, which results in a data set of 522 million attributable points.
Leeor Ben-Peretz, chief strategy officer of Cellebrite, sheds some light on how the tracing solution aggregates and intelligently uses data to help users trace illicit activity. The firm claims that its solution, with millions of data sets, can pinpoint the origin of funds as well as where the fund is headed to and can determine if the destination is an