Crypto is the way for Ransomware hackers. Having kickbacks in crypto, blinds the law enforcement from tracing back to the culprit. Is there no way out for the victims? Can the Hackers be traced back to ransom? Here are some thoughts.
Tracing the movement of cryptocurrency used in ransomware attacks can be difficult due to the anonymity of the transactions on the blockchain. However, there are a few techniques that can be used to try to trace the funds:
Blockchain analysis: By analyzing the blockchain, experts can try to identify patterns and track the movement of funds from the address used to pay the ransom to addresses used by the attackers. This can be done by using various blockchain analysis tools and services that allow you to track transactions and visualize the flow of funds on the blockchain. These tools can help identify the origin of the funds, the destination of the funds, and any intermediary addresses that the funds passed through. Some of the tools that can be used for blockchain analysis include Chainalysis, Elliptic, and Crystal Blockchain.
Mixers/Tumblers: These services are used by attackers to make it harder to trace the funds by mixing the ransom payment with other transactions. This can be done by sending the funds through a series of transactions that make it difficult to determine the origin and destination of the funds. Mixers and tumblers are also known as “Bitcoin laundering services.” By using these services, the attackers hope to obscure the trail of the funds and make it harder for law enforcement or blockchain analysts to trace the money. However, blockchain analysis can sometimes be used to identify patterns that suggest the use of a mixer or tumbler. This can be done by looking for signs of large numbers of small transactions that are characteristic of the use of a mixer, or by identifying clusters of transactions that are likely to be the result of using a tumbler.
Law enforcement cooperation: If the attack is reported to law enforcement, they may be able to use their resources and expertise to trace the funds.
Network analysis: Network analysis is another way to trace the funds. By identifying the IP addresses and other network information associated with the transactions, experts can try to identify the locations and identities of the attackers.
Tracing the movement of funds in Zcash or Monero (XMR) may be more difficult than in other cryptocurrencies because these coins offer greater privacy features.
Zcash uses a technology called zk-SNARKs, which allows for completely private transactions. This means that the amounts and addresses involved in a transaction are not visible on the blockchain, making it difficult to trace the funds. However, some blockchain analysis companies have developed techniques to trace Zcash transactions. These techniques rely on identifying patterns and correlations in the data that can provide clues about the origin and destination of the funds.
Monero (XMR) is built on the CryptoNote protocol, which uses a technique called ring signatures to provide more anonymity than Bitcoin. Monero also uses stealth addresses, which are one-time public keys that are generated for each transaction, making it more difficult to link transactions to specific addresses. Additionally, Monero has Kovri, a built-in feature to hide the IP address of the transactions.
In general, tracing the movement of funds in Zcash or Monero may be more difficult than in other cryptocurrencies, but it is still possible with the use of advanced blockchain analysis techniques. However, it is not guaranteed that the funds will be traced successfully.