A popular blockchain service on the dark web to check the legitimacy of the bitcoin wallet was recently shut down by the regulators.
Several reports from media show that a popular blockchain tool that was being used by crypto launderers to test their funds’ connection to crime has been shut down permanently now. The service was known as Analysis, and it was reportedly very popular on the dark web. This tool allowed users to check their bitcoin link to criminal activities. Founder and Chief Scientist of Elliptic, Dr. Tom Robinson, has stated that criminals were starting to find loopholes to overcome the challenges posed by blockchain analytics, and Antinalysis was the first to help the criminals with the same.
The site of Antinalysis was discovered by Robinson last week, and he had mentioned this in his blog post. This, however, caught the attention of the regulators, who shut down the service. The tools are generally helpful for investigators to deal with crypto-related activities, but in the wrong hands, the tools are being misused by the money launderers to identify whether the funds will lead back to them or indicate their criminal background. Incognito was the developer behind Antinalysis, and it has several other services, too, like the Incognito Market. The software runs on Tor, which is a network that allows users to browse the dark web anonymously.