Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: TURNER WRIGHT, reprinted by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: TURNER WRIGHT, reprinted by Odaily with authorization.

On Friday, crypto analytics firm CipherTrace announced that it has applied for two patents on technology for tracking transactions in the privacy coin Monero.

On November 20, CipherTrace stated in its blog that one of the patents is a forensic tool that can be used to explore Monero (XMR) transaction inflows to assist financial investigations and use statistical and probability methods to settle transactions and gather possible wallet owners. One patent is for visualization tools and methods to track stolen or illicitly used XMR.

"CipherTrace's Monero tracking capabilities will allow virtual asset service providers to identify when incoming XMR may have a criminal origin, allowing them to conduct appropriate risk assessments of customer transactions in accordance with any necessary regulations," the blog reads. "Our goal It’s the ability to detect criminal users that improves the security and sustainability of privacy coins like Monero.”

While Bitcoin (BTC) remains the preferred medium of exchange for many darknet market users, privacy coins like XMR have gained acceptance. Law enforcement agencies have yet to determine a reliable way to track Monero, which is possible with companies like CipherTrace, which has reportedly been working on ways to track XMR transactions since early 2019.