Blockchain helping Criminals
Cybercriminals have developed a blockchain analytics tool on the darknet that could help a gang launder illegally obtained bitcoin, and they are actively marketing it.
A blockchain analytics tool has been launched on the dark web, allowing bitcoin addresses to be checked for links to criminal activity. Known as Antinalysis, it allows crypto launderers to test whether their funds will be identified as proceeds of crime by regulated exchanges. Through blockchain these tools can identify whether the funds originated from a wallet associated with ransomware or any other criminal activity
The tool was created, by developers of Incognito Market, a darknet marketplace specializing in the sale of narcotics. The launch of Antinalysis likely reflects the difficulties faced by the market and its vendors in cashing out their bitcoin proceeds.
Antinalysis seeks to help crypto launderers by giving them a preview of what a blockchain analytics tool will make of their bitcoin wallet and the funds it contains and the platform runs in Tor an anonymous version of the web commonly used to host darknet markets and other illicit services.
The Business Model
It costs $3 to use the Antinalysis tool to check a single bitcoin address. For this fee, the user receives a color-coded breakdown of where the software believes the bitcoins originated and the risk associated with the transaction.
To prove the value of its tool to potential customers, the Antinalysis team compares the results it generates to those from similar, commercially available tools.Providing accurate blockchain analytics requires significant investment in technology and data collection over long periods of time.
Blockchain analytics technology and capability had been limited to use by regulated financial service providers. Now, however, individuals or companies concerned about receiving proceeds that may have been the result of a crime potentially have the ability to prescreen addresses before taking payment in bitcoin, Robinson says.