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Russian Intelligence claim they can partially de-anonymize crypto transactions

De anonymize crypto transactions

A branch of the Russian intelligence has said that they have found a way de-anonymize crypto transactions.

In their report, the agents claimed that they think they have recently found a way to know the identity behind the transactors of crypto assets partially.

According to the group, transactions of top major coins, especially Bitcoin, can be tracked using their new system. The news was given by the Federal Financial Monitoring Service, a regulatory body whose responsibility is to check to launder money and terrorism funding across the country.

Journalists got the report after a copy of the letter was sent to the Ministry of Digital Development.

Platform to de-anonymize crypto transactions makes use of AI technology

According to the report sent by Rosfinmonitoring, the firm said it has already made software with the use of artificial intelligence software.

The firm stated that the new project that was developed had been sent to the Ministry of internal affairs, and they are looking for ways to make use of the platform.

In their report, the firm said that the project would use artificial intelligence technology to track transactions using their transactions type to their profiles. If things go as planned, then the new software to de-anonymize crypto transactions might be available worldwide.

The agency says new platform needs massive funding

The media has received the news with both positive and negative criticism, with most of them saying that it shares the same properties with the American platform, Chainalysis.

Going by the details in the report, the platform would be able to track transactions, identify various service providers, and launch investigations into suspected fraudulent transactions.

Furthermore, the platform would be able to carry out its core operation in the sense that it can de-anonymize crypto transactions. To make this dream achievable, the agency announced that it will need massive funding going into $10.4 million within now and the next three years.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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