Petya Ransomware Funds Travel Through the Tumbling Process
The Petya ransomware wasn’t as mad as the mainstream media portrayed it to be, and the founders made off with $8,000 in extortion funds. One of the reasons was due to their email being closed down. What’s intriguing about the Petya ransomware is the hackers decided to use one address to collect funds as opposed to multiple addresses used in these kinds of protocols. After a couple of days, the hackers started moving the money. Individuals following the capital believe the money was sent through a platform that mixes bitcoins in order to obfuscate the sending process or a tumbler7bit site id=”attachment_52188″ class=”wp-caption aligncenter”>A depiction of a Coinjoin mix or tumbling process and best bitcoin casino 2015.
‘A Great Majority of Transfers had More Than Ten Total Transactions’
According to the publication Quartz these bitcoins will be tough for law enforcement to find. The information outlet says the money was followed by them as far as they could, but the bitcoins were sent through a series of transfers and among them was a bitcoin exchange. After the first few jumps, the publication details funds were sent to a”high volume address” which they supposed was the trading platform.
They could only speculate on which transactions belonged to Petya after this point Quartz explains.
“We gathered each spent output from that speech, then each spent output from these addresses, etc,” explains Quartz columnist Keith Collins. “In order to limit the number of rabbit holes that the crawler followed, we only included transfers which occurred within eight hours of the initial incoming trade from the first wallet. We believed high-volume wallets to be pockets that had three or more total transactions, 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 web that is deep. Further, because they believe these cryptocurrencies offer anonymity, some users opt to utilize altcoins such as Monero and Zcashbitcoin casino usa no deposit best bitcoin casino site reddit In the future, many people think kinds of cryptocurrency anonymization will come like Schnorr signatures and types of Zero Knowledge platforms. However, law enforcement and government officials have been saying that bitcoin mixers and anonymizers should be illegal. For instance, the Basel Institute on Governance, Europol, Interpol, and U.S. officials have been talking about proposals to”take action against digital currency mixers/tumblers.”
Can Law Enforcement Really Follow 2373 Hops?
Details that the Petya funds were estimated to be sent to over 2373 addresses over the course of the mixing procedure. “If we knew what bitcoin addresses or address the Petya money ended up in, we would likely find hundreds of thousands of transactions between that address and the beginning address,” explains the information outlet. “That’s more than we can ever graph.”
The news comes at a time when surveillance businesses have become a hot topic, and only Chainalysis claimed to know the missing 650,000 Mt Gox bitcoins’ destination. Blockchain forensic companies may be fabricating how well they can follow these transactions with hackers mixing their coins.
What do you consider mixing transactions? Do you think when funds are sent through a bitcoin tumbler law enforcement can follow of the outputs? Tell us in the comments below.
Images via Shutterstock, Quartz, and Pixabay.
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