Taking Action Against Digital Currency Mixers bitcoincasino rating

Petya Ransomware Funds Travel Throughout the Tumbling Process

The hottest Petya ransomware was mad as the mainstream media portrayed it to be, and the founders only made off with $8,000 in extortion funds. One of the reasons the attackers did not make much money was a result of their email being shut down. What’s intriguing about the Petya ransomware is that the hackers chose to use funds to collect to multiple addresses commonly used in these types of protocols. After a day or two, the hackers started moving the money. Individuals following the funds believe the money was sent via a tumbler or a stage that mixes bitcoins in order to obfuscate the processHow does Fortune Jack bonus id=”attachment_52188″ class=”wp-caption aligncenter”>A depiction of a Coinjoin mix or tumbling process and best bitcoin casino 2015.

‘A Vast Majority of Transfers had More Than Ten Total Transactions’

According to the publication Quartz those bitcoins will be extremely tough for law enforcement to find. The information outlet says they followed the money as far as they could, but the bitcoins were shipped via a series of transfers and among them was a bitcoin exchange. After the first few jumps, the book details funds were sent to a”high volume address” which they supposed was the trading platform.

Following this point Quartz explains, they could only speculate on which transactions belonged to Petya.

“We collected each spent output with that speech, then every spent output from these addresses, etc,” explains Quartz columnist Keith Collins. “In order to limit the amount of rabbit holes that the crawler followed, we just included transfers which occurred within eight hours of the first incoming trade from the first wallet. We believed high-volume wallets to be pockets that had three or more complete transactions, as returned from the Blockchain.info API, but the vast majority of those had more than ten total transactions.”

This picture depicts the Petya funds which were mixed through over 2000 addresses.

Taking Action Against Digital Currency Mixers

There are numerous ways for groups and individuals to combine their bitcoins to confuse blockchain surveillance. These include the many other mixing platforms found on the deep web and tumblers like Joinmarket. Further, some users elect to use altcoins because they believe these cryptocurrencies provide anonymitybitcoin casino software prices online casino that use bitcoin In the future, lots of people think kinds of anonymization will come like other types of Zero Knowledge platforms and Schnorr signatures. But, law enforcement and government officials have been saying for a while that anonymizers and bitcoin mixers should be illegal. For instance, the Basel Institute on Governance, Europol, Interpol, and U.S. officials have been discussing proposals to”do it against digital currency mixers/tumblers.”

Can Law Enforcement Really Follow 2373 Hops?

Details that the Petya funds were estimated to be sent to over 2373 addresses over the course of the process. “If we knew what bitcoin address or addresses the Petya money ended up in, we would likely find thousands and thousands of transactions between that address and the beginning address,” explains the information outlet. “That’s more than we can ever chart.”

The news comes at a time when blockchain surveillance companies have become a hot topic, and only Chainalysis claimed to know the destination of the Mt Gox bitcoins. With hackers mixing their coins blockchain companies could be fabricating they can follow these trades.

What do you consider mixing transactions? Do you think law enforcement can really follow all the outputs when funds are sent through a bitcoin tumbler? Let us know in the comments below.

Images via Shutterstock, Quartz, and Pixabay. 

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