Alleged Dark Web Blockchain Analytics Tool Antinalysis Suspended

Antinalysis helps cybercriminals avoid running the risk of being identified they attempt to cash out their illicit proceeds, according to a blockchain analytics firm.

Aug 16, 2021 at 1:14 p.m. UTC
Updated Sep 14, 2021 at 1:40 p.m. UTC

Antinalysis – a new tool that allegedly allows dark web users to see if funds are likely to be flagged as proceeds of crime by crypto exchanges – has been suspended.

  • The tool helps cybercriminals avoid running the risk of being identified when they attempt to cash out their illicit proceeds, according to a blog post from blockchain analytics firm Elliptic.
  • Only eight hours after Elliptic's blog was published on Friday, Antinalysis' data sources were seized, according to a message from one of its administrators to a BBC cyber reporter.
  • "Pharoh," the technical administrator for Antinalysis' creator Incognito, claimed that the tool was not meant just for criminals.
  • Regulated crypto exchanges use analytics tools provided by firms like Elliptic to check customers' deposits' links to illegal activity by analyzing whether they emanate from a wallet with such links.
  • Antinalysis aims to circumvent that by giving users a preview of the risk identified with crypto and therefore the chances of it leading to their exposure should they deposit it on an exchange.
  • "The tool represents a significant new capability for crypto launderers," Elliptic co-founder Tom Robinson wrote. "They can now test their own laundering methods, be it the use of mixers or layering techniques, by screening their own bitcoin wallet, before taking the risk of making a deposit at an exchange or other service provider."
  • Robinson also pointed out that Antinalysis makes blockchain analytics available to the public for the first time, enabling crypto users who are concerned about receiving the proceeds of crime to pre-screen addresses before accepting bitcoin. "To date, this type of analysis has been used primarily by regulated financial service providers," he added.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown