Bitcoin News and Finance
Russia’s Interior Ministry Employs Tool to Identify Crypto Wallet Owners, Track Transactions Skip to main content

Russia’s Interior Ministry Employs Tool to Identify Crypto Wallet Owners, Track Transactions

Russia’s Interior Ministry Employs Tool to Identify Crypto Wallet Owners, Track Transactions

The Russian Ministry of Internal Affairs is now using a digital tool allowing officers to link cryptocurrency wallets to their owners. The software also has a feature facilitating the monitoring of crypto asset transactions, the department told Russian media.

Russian Police Brag About New Crypto Tracing Tool on Eve of Anti-Corruption Day

Employees of MVD, the Ministry of Internal Affairs of the Russian Federation, now have access to a specialized digital platform called “Personal account of a law enforcement agency,” Tass reported. The ministry revealed to the news agency that it’s identifying owners of cryptocurrency wallets using the new system.

“This digital project has already been implemented and is successfully operating,” the head of MVD’s Main Department of Economic Security and Anti-Corruption, Police Lieutenant General Andrey Kurnosenko, told Tass on the eve of the International Anti-Corruption Day, celebrated on Dec. 9 to raise public awareness for efforts to combat corruption.

Kurnosenko explained that the analytical tool allows his colleagues to quickly receive and evaluate collected information about specific financial risks for the Russian economy and also compile the results of joint work within national projects in the field of fighting cybercrime and other fields.

The high-ranking MVD official also highlighted that the integrated product features a module developed to help investigators monitor cryptocurrency transactions. “There is already a positive experience of using this tool to identify unscrupulous owners of crypto wallets,” the general pointed out, without elaborating further.

The announcement of MVD’s new crypto tracing capabilities comes after in April the Ministry of Finance accepted for review a number of proposals submitted by the country’s law enforcement agencies as part of a push to regulate Russia’s crypto space. One of the areas addressed was the seizure of digital assets and the reporting of crypto transaction data.

News that authorities in Russia are developing a platform to track and analyze transactions involving cryptocurrencies came out two years ago. At the time, in August 2020, the prototype of the system, reportedly employing artificial intelligence technology, was undergoing tests.

Do you think Russian law enforcement will actively use the new crypto tracking tool? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory