Petya Ransomware Funds Travel Through the Tumbling Procedure
As the mainstream media portrayed it to be, the hottest Petya ransomware wasn’t as mad, and the creators made off with $8,000 in extortion funds. One of the reasons the attackers didn’t make much money was a result of their email being shut down. What’s interesting about the Petya ransomware is the hackers decided to use one address that is particular to collect funds as opposed to addresses commonly used in these kinds of protocols. After a couple of days, the hackers began moving the money to addresses. Individuals following the funds believe the money was sent via a platform that mixes bitcoins to be able to obfuscate the procedure that is sending or a tumblerbitcoinrush app id=”attachment_52188″ class=”wp-caption aligncenter”>A depiction of a Coinjoin combination or tumbling process and best bitcoin casino 2015.
‘A Great Majority of Transfers had Over fifty Total Transactions’
According to the publication Quartz those bitcoins will be tough for law enforcement to locate. The information outlet says they followed the money as far as they could, but the bitcoins were sent via a series of transfers and one of them was a bitcoin exchange. After the first few hops, the publication details funds were sent to a”high volume address” which they supposed was the trading platform.
After this point Quartz explains, they could only speculate on which transactions belonged to Petya.
“We collected each spent output from that speech, then every spent output from these addresses, and so on,” explains Quartz columnist Keith Collins. “In order to limit the number of rabbit holes the crawler followed, we just included transfers that occurred within eight hours of the first incoming trade from the initial wallet. We believed high-volume wallets to be pockets that had three or more complete trades, as returned from the Blockchain.info API, but the huge majority of those had more than ten total transactions.”
This picture depicts the Petya funds which were mixed through over 2000 addresses.
Taking Action Against Digital Currency Mixers
There are numerous ways for individuals and groups to combine their bitcoins to confuse blockchain surveillance. These include tumblers like Joinmarket and the many other mixing platforms found on the deep web. Further, some users opt to utilize altcoins like Monero and Zcash, because they believe these cryptocurrencies offer better anonymitybitcasino scam In the future, lots of people think better kinds of anonymization will come like Schnorr signatures and other types of Zero Knowledge platforms. However, government officials and law enforcement have been saying for quite some time that anonymizers and bitcoin mixers should be illegal. As an example, the Basel Institute on Governance, Europol, Interpol, and U.S. officials have been talking about proposals to”do it against digital currency mixers/tumblers.”
Can Law Enforcement Really Follow 2373 Hops?
Quartz details that the Petya funds were estimated to be sent to over 2373 addresses over the duration of the mixing process. “If we knew what bitcoin addresses or address the Petya cash ended up in, we’d likely find hundreds of thousands of transactions between that address and the starting address,” explains the news outlet. “That is more than we can ever graph.”
The news comes at a time when surveillance companies have become a hot topic, and just recently Chainalysis claimed to know the missing 650,000 Mt Gox bitcoins’ destination. With their coins being mixed by hackers through a series of transfers forensic companies could be producing just they can follow these trades.
What do you think about mixing transactions? Do you believe when funds are sent through a bitcoin tumbler, law enforcement can follow of the outputs? Let us know in the comments below.
Images via Shutterstock, Quartz, and Pixabay.
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