A Blockchain Tool launching from BitFury is all set to Fight against Bitcoin Crime

Bitfury, one of the popular industry group which was initiated in 2011 as a Bitcoin mining firm has now grown into a multinational blockchain research group, has moved into the law enforcement pressure with the launching of its new tool Crystal.

The Crystal tool was designed for two important purposes. The first purpose was for law enforcement to track bitcoin transactions related to the criminal activities. Bitcoin is commonly used in Ransomware attacks, which encrypts a user’s data force the user to pay a particular amount of money in order to decrypt it. One such attack, the infamous WannaCry, made nearly $25 million in bitcoin over a period of two years.

The Crystal tool in action on the WannaCry ransomware attack:

The second purpose is regarding another tool which is a compliance measure and risk management tool for the financial institutions. Crystal uses Bitcoin-based venture capital firm which has set its goal at the healthcare sector. This stops legal action against the venture capital fund and its principals. Crystal has also announced its ability to audit mining operations in order to assure they aren’t Ponzi schemes and prevent corruption of elected officials (when bribed through Bitcoin).

Is it toward Anonymity?

Bitfury’s developments toward de-anonymizing the Bitcoin blockchain has the possibility of increasing the interest of security-focused cryptocurrencies. We have already seen that malware developers change their currencies from Bitcoin to a less traceable form of currency upon moving the funds to an exchange.