Will The New Laws On Cryptocurrency Anonymity Bring To An End Cybercriminals?

New Laws On Cryptocurrency Anonymity Bring To An End Cybercriminals?

Since the birth of Bitcoin in 2009, many people have been kept in the dark. They have been told lies that the cryptocurrency is only fit for the black market. Granted, there were times when criminals used the only digital coin then. Back then, criminals could use the coin to pay for illegal merchandise. Nobody can indeed confirm what happened back then, which is so because the nature of Altcoins is that they work anonymously.

Will The New Laws On Cryptocurrency Anonymity Bring To An End Cybercriminals?

For now, different governments have imposed strict rules. The regulations aim at streamlining cryptocurrency business. In these new rules, it is hard to own and operate a digital currency account. The only way you can do so is by using your names. For now, it is easy to trace the transactions that relate to the bitcoin. It is the same if you are dealing with other digital coins. It is also possible to ‘shuffle’ dealings with other users.

CashShuffle, Bitfury And CoinShuffle

The ‘shuffling’ is possible through services like CashShuffle or CoinShuffle . If you can successfully ‘shuffle,’ it will be inevitably impossible to trace any digital currency transactions. Remember that in 2016, Bitfury, with the help of government officials, released a tool. The tool was given the name Shared Send Untangling in Bitcoins. What was the work of this new tool?

Crime-Fighting’ Software

The tools aim is to help in the tracking down the owners of the digital currency accounts even after the ‘shuffle.’ After the release of this tool, Bitfury went ahead and released another tool. The later was released a day after they debut release. The second release was given the name ‘Crime-Fighting’ software, Crystal. On the software, CoinDesk said that the aim is to help conduct safe transactions.

Helping Law Enforcement Agents And Investigators

“The core of the toolkit is a detailed risk scoring solution that helps law enforcement agents and investigators. It will help in the tracing of suspicious transactions to a final address, or a point of withdrawal,” CoinDesk said. What is more, Bitfury has released yet another tool. This third tool is called Automatic Bitcoin Address Clustering. As the name suggests, this tool will cluster together multiple bitcoin addresses.

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The Latest Cryptocurrency Anonymity Tool

Most importantly, this will then help in ascertaining if the addresses or the accounts belong to the same user. With this latest tool, it is clear that you cannot use shuffling or own multiple accounts in the name of concealing your identity, which can be undone with this