Brief:
- Antinalysis is the new tool that lets users check which bitcoin addresses may be linked to criminal activity.
- The Antinalysis site runs on Tor and charges $3 per bitcoin address scanned.
According to a recent blog post by Elliptic.co, Cybercriminals have developed a new blockchain analytics tool to check whether Bitcoin links to criminal activity or not. Known as Antinalysis, Cybercriminals can use the tool to identify which bitcoin addresses may be linked to criminal activity.
“Antinalysis seeks to help crypto launderers to avoid this, by giving them a preview of what a blockchain analytics tool will make of their bitcoin wallet and the funds it contains,” wrote Elliptic co-founder Tom Robinson, in the blog post.
According to the post, antinalysis claims to offer highly accurate results. One of the developers of Incognito Market created the tool. The Antinalysis site runs on Tor, an anonymous version of the web. The report noted that the likes of ransomware and darknet markets “rely on payments being made in Bitcoin and other cryptocurrencies.”
But laundering and cashing out these funds is a significant challenge. Crypto exchanges make use of blockchain or DLT analytics tools. These checks the customer deposits for links to illicit activity.
It also mentioned that by tracing a particular transaction back through the blockchain, these tools are able to reliably identify whether the assets originated from a certain wallet associated with ransomware “or any other criminal activity.”
The Elliptic team also mentioned that the launderer, therefore “risks being identified as a criminal and being reported to law enforcement whenever they send funds to a business using such a tool.”
“The launch of Antinalysis likely reflects the difficulties faced by the market and its vendors in cashing out their bitcoin proceeds,” says Robinson.
Checking a single bitcoin address on the Antinalysis tool costs $3. For this fee, the user receives a color-coded breakdown of where the bitcoins originated. And also the risk associated with the transaction.
Also Read: Russia Grants 14.7M Rubles For a Crypto Tracing Tool
“It is also significant because it makes blockchain analytics available to the public for the first time,” Robinson says.
Robinson notes that Antinalysis does represent a leap forward for criminals. It enables launderers to test their laundering methods before taking the risk of depositing at an exchange or other service provider.
Previously, blockchain analytics’ use was limited to regulated financial service providers. However, companies and individuals are concerned about its usage since criminals can potentially prescreen addresses before taking payment in bitcoin.
