New CipherTrace Scout™ Identifies High-Risk Bitcoin and Ethereum in the Field
MENLO PARK, Calif.—CipherTrace, a leader in blockchain security, compliance and regulation, today released a new mobile forensic tool, which is purpose-built for cryptocurrency field investigators. CipherTrace Scout™ for iPhone and Android is now available on the Apple App Store and Google PlayStore. The new app helps users quickly identify tainted tokens and trace illicit sources of Bitcoin and Ethereum. With Scout, CipherTrace hopes to significantly improve cryptocurrency investigations, stave off bad-actors, and help further the progress of virtual assets as a valuable financial conduit.
Already, several law enforcement, government organizations, regulators, and auditors have 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.”
How it Works:
Investigators simply enter any Ethereum or Bitcoin address into a search interface, and the mobile app determines if tokens are tainted through ransomware transactions, dark market purchases, or other criminal activities. The app instantly delivers a risk classification based on the relative risk of transactions related to the address. 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. With one click, users can store suspicious addresses for later analysis or share addresses with other mobile app users or with someone at a central office that is using the CipherTrace desktop forensics tool. Mobile users can also view their open cases and track shared cases along with notes and addresses the cases contain.
“CipherTrace is developing a first-of-kind mobile application for blockchain forensics. This is unprecedented territory, yet the fact that a firm is developing this type of solution demonstrates they have their ‘ears to the ground’ and are keeping a strong pulse on the pain points of investigators and law enforcement professionals. Having access to what I’ll refer to as ‘blockchain forensics in your pocket’ could very well prove to be a groundbreaking development in a rapidly evolving field.” said Rich Sanders, CEO CipherBlade. “I foresee law enforcement professionals, case managers, and others at the cutting edge of situation response leveraging this solution, resulting in vast improvements in case response time, case efficiency, and case outcome. CipherTrace is continuing to demonstrate implementation of product concepts that stem from feedback, whether from wider clientele bases or me directly – and a firm that leverages feedback from the ‘boots on the ground’ will provide highly relevant and effective products to the same.”
CipherTrace Scout requires an active CipherTrace Cryptocurrency Financial Investigation user account. For more information, see https://ciphertrace.com/financial-investigations-and-blockchain-forensics/. Or to request a license or see if you qualify for a free law enforcement trial account, sign up at https://ciphertrace.com/ios-signup/ or https://ciphertrace.com/android-signup/.
CipherTrace anti-money laundering, blockchain forensics, and cryptocurrency threat intelligence solutions are powered by advanced cryptocurrency intelligence. Financial investigators and regulators use CipherTrace blockchain analytics to trace transactions and monitor compliance. Leading exchanges, funds, banks, and digital asset business use CipherTrace to comply with regulation and mitigate virtual asset risk exposure.
CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. The U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading New York and Silicon Valley venture capital investors.