FBI Seeks Software to Trace Top 95% Of Total Crypto Market Cap

It is not uncommon that cybercriminals always have an upper hand in the digital domain. Even the most inexperienced cybercriminals remain undetected by law & enforcement due to the anonymity feature that cryptocurrency provide. Nonetheless, the efforts to track such unlawful activities have also been doubled, but considering the pace at which technology is thriving, it is becoming quite challenging to nab the perpetrator's illicit activities. If you are interested in bitcoin trading, visit bitcointrader2.com to acquire an utter guide to crypto trading.

FBI has busted a lot many cybercrimes and syndicates that operate behind such criminal activities. But, most of the perpetrators manage to evade the authorities in one way or the other. This is why it became extremely important for the FBI to become more stringent in their approach to upgrading themselves. Using conventional means to track digital crimes will eventually lead to a dead-end, and authorities across the world have realized this fact. Now, with the FBI mobilizing its assets to track the cybercriminals, it is quite certain that improvement will be made for good.

Picture 1 of FBI Seeks Software to Trace Top 95% Of Total Crypto Market Cap

Will the FBI be able to track the fraudsters this time around?

Cryptocurrency is an incredible technological advancement that the world has ever witnessed. But it has downfalls as well, which are quite prevalent. Such digital assets are being used profusely for money laundering, ransom attacks, and holding sensitive hostages. This is where the FBI had been working to curb such shortcomings by incorporating high-tech and competitive initiatives.

Working on innovative tools to track virtual currencies is one of the predominant priorities that is being pursued religiously by the FBI. Keeping themselves abreast with the ever-expanding technology is the need of the hour, and such tools will be required to successfully trace the virtual currencies. Cybercriminals use everything in their power to go undetected, and evading the authorities is their major priority which gives rise to illicit activities. However, the FBI will now be able to engage in clustering, graphing, tracing & also in the attribution of all the virtual currencies and the transactions thereof. In addition to this, all the service providers will be required to submit correct & precise information to the authorities.

Dynamic software that will be able to track and detect the miscreants

The FBI wants software that will be able to impart transaction-related cryptographic information. Such information might come in the form of lock time, version data, wallet, the public key, and many more. We need to realize that there is always a significant threat lurking in the shadows of the digital realm, and authorities need to access such realms to nab the miscreants & fraudsters. This is the reason why the pursuit to refine the digital policies in the country is being highly favored. The IP addresses will now be accessible by the FBI should there be a need to locate the cybercriminals. The entire digital world has already witnessed the rampant ransomware attacks which plagued the activities of prominent companies.

Will ransomware attacks be cured for good?

The instances of such ransomware attacks are being heard every year, which highlights that the crypto world is not immune to illegal cybercriminal activities. Most of the ransom is being demanded by the hackers in Bitcoin only because it is one of the predominant & leading cryptocurrencies which is used by millions of people. The FBI had previously been able to track the stolen funds, but now that ounce of hope also seems to be dissipating as the technology continues to make significant strides. Hence, it becomes important for all the prominent companies to adhere to the protocols laid down by the governing body operating in the country. The FBI has already made it clear that the efforts to track and nab the hackers/spammers have been doubled. It is only a matter of time before we will witness the efficacy of such implementations.

Kareem Winters

Update 14 February 2022