Petya Ransomware Funds Travel Throughout the Tumbling Procedure
As the mainstream media portrayed it to be, the latest Petya ransomware wasn’t as crazy, and the founders only made off with $8,000 in extortion funds. One of the reasons was due to their email. What is interesting about the Petya ransomware is that the hackers chose to use one address to collect funds as opposed to addresses used in these types of protocols. After a day or two, the hackers began moving the money. Individuals following the funds believe the money was sent through a platform that mixes bitcoins in order to obfuscate the process or a tumbler https://bitcoincasinoreview.info/ 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 More Than Ten Total Transactions’
According to the publication Quartz these bitcoins will be extremely hard for law enforcement to find. The news outlet says they followed the money as far as they could, but the bitcoins were shipped through a series of transfers and among them was a bitcoin exchange that is legitimate. After the first few jumps, the book details funds were sent to a”high volume address” which they supposed was that the trading platform.
After this stage Quartz explains, they could only speculate on which transactions belonged to Petya.
“We gathered each spent output from that address, then every spent output from those addresses, and so on,” explains Quartz columnist Keith Collins. “In order to limit the amount of rabbit holes the crawler followed, we only included transfers which occurred within eight hours of the first incoming trade from the initial wallet. We believed high-volume wallets to be wallets that had three or more total trades, as returned from the Blockchain.info API, but the vast majority of those had more than ten total trades”
This picture depicts the Petya funds that were mixed through over 2000 addresses.
Taking Action Against Digital Currency Mixers
There are ways for individuals and groups . These include tumblers like Joinmarket and the many other mixing platforms found on the deep web. Further, some users opt to use altcoins such as Zcash and Monero, because they consider these cryptocurrencies provide better anonymityGet up to 1 Bitcoin Free on Bitcoin Lottery bonus code In the future, many people believe better forms of anonymization that is cryptocurrency will come like other types of Zero Knowledge platforms and Schnorr signatures. But, government officials and law enforcement have been saying that anonymizers and bitcoin mixers should be illegal. For instance, the Basel Institute on Governance, Europol, Interpol, and U.S. officials have been discussing proposals to”do it 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 process. “If we knew what bitcoin address or addresses the Petya money ended up in, we’d likely find hundreds of thousands of transactions between that speech and the starting address,” explains the information outlet. “That’s more than we can ever graph.”
The news comes at a time when blockchain surveillance businesses have become a popular topic, and just Chainalysis claimed to know the destination of the Mt Gox bitcoins. With hackers mixing their coins forensic companies may be producing just they can follow these transactions.
What do you think about mixing transactions? Do you think when funds are routed through a bitcoin tumbler law enforcement can actually follow the outputs? Tell us in the comments below.
Pictures via Shutterstock, Quartz, and Pixabay.
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