Monitor blockchains, deanonymize wallet addresses, surveil dark net markets, and stop terrorists and money launderers: that’s the main thrust of the European Union’s Project TITANIUM.
TITANIUM, which stands for Tools for the Investigation of Transactions in Underground Markets, is a three-year, €5 billion ($5.5 billion) project that will unite universities, private research firms and law enforcement agencies from the U.K., Germany, Spain, Austria, the Netherlands and Finland.
Project TITANIUM will develop tools and best practices for criminal investigations involving cryptocurrency in Europe, which, up to now, most law enforcement agencies have pursued on an ad-hoc basis.
The project plans to create forensic tools to spot clusters of addresses controlled by the same entity; identify mixers or tumbler addresses used for money laundering; crawl the webs, both clear and dark; and automate information gathering about illegal activities.
The project’s coordinator, Dr. Ross King of the Austrian Institute of Technology, said that criminal and terrorist uses of cryptocurrencies and dark net markets “evolve quickly.” King also insisted that Project TITANIUM would respect “citizen privacy.”
Project TITANIUM’s announcement comes just a few weeks after the ransomware worm WannaCry disabled hundreds of thousands of computers in more than 150 countries. As of June 15, 2017, the hardcoded wallet addresses used by the attackers have collected about 50 BTC in ransom payments.
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