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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I think this is not good .
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Criminals would be stupid if they use semi-anonymous cryptocurrencies. If cryptcurrencies are to be used, it should be fully private dark coin coins. I am not sure whether this is currently the case (security and privacy are still to be rigorously tested).
As 'money changers' are concerned, regulators will try to enforce existing laws, whether successful in the end or not.
It will only become a blockade if regular exchanges are prohibited from taking fiat in exchange for crypto. I do not expect that to happen soon in the EU. It will probably be just KYC checks. Such checks are not that prohibitive (many exchanges already ask for KYC docs, especially if amounts to withdraw exceed certain thresholds).
Criminals will avoid exchanges anyway, again because of the privacy aspects.
All in all, I see good days ahead for dark coins.
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Good. But what are the governments doing with fiat money used for terrorism?
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