Q: Does CipherTrace collect IP address data for purposes of linking them to wallets? A: “As a privacy-focused company, CipherTrace does not map IP data to private individuals.” The rep did not answer: Does it map IPs to wallets?
CoinDesk asked CipherTrace: “Does your firm collect IP address data for the purposes of linking them to wallet addresses?”
Such caginess “is a frequent issue in the privacy space, when we talk about network identifiers like IP addresses.,” said, a cybersecurity researcher. “Companies try to distance themselves from what you would traditionally call personally identifiable information by saying IP addresses are something else. In fact, they're incredibly useful for identifying households, businesses and individuals.
Taken from the presentation shared with the Treasury Department, that description would likely be shared by every competing firm. It gets at the heart of detractors' concerns. Privacy maximalists believe Bitcoin’s radically transparent but pseudonymous nature ought to flow independent of the state, and they see these companies’ work as a betrayal of that ideal.
That’s valuable information for exchanges that want to cut out illicit activity, for users who want to keep their coins clean, for governments who want to follow the money. It comes together through rigorous attribution.in investigatory contracts up for grabs, these companies have an acute need to mine novel attribution data. CipherTrace, for example, has scored 20 contracts with federal agencies, worth up to $3.
That’s partly because no other tracer has as massive a business footprint. Chainalysis provides tracing software to 500 “virtual asset service providers,” or VASP, as regulators call them. It's a mutually beneficial relationship. The businesses get powerful crypto compliance tools, and Chainalysis adds their wallet addresses to its global database. It does not, however, ask clients for data on their customers.
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