Petya Ransomware Funds Travel Through the Tumbling Procedure

The Petya ransomware was crazy as the mainstream media portrayed it to be, and the founders made off with $8,000 in extortion funds. One of the reasons the attackers did not make much money was due to their email. What is interesting about the Petya ransomware is the hackers decided to use funds as opposed to collect to addresses commonly used in these types of protocols. After a couple of days, the hackers began moving the money to addresses. Individuals following the capital believe the money was sent through a tumbler or a platform that mixes bitcoins in order to obfuscate the sending processhow does bitcoin casino work bitcoin casino iphone app id= »attachment_52188″ class= »wp-caption aligncenter »>A depiction of a Coinjoin combination or tumbling process and best bitcoin casino 2015.

‘A Vast Majority of Transfers had More Than Ten Total Transactions’

According to the publication Quartz these bitcoins will be tough for law enforcement to find. The news outlet says they followed the money as far as they could, but the bitcoins were shipped via a series of transfers and among them was a bitcoin exchange that is legitimate. After the first few jumps, the publication details funds were sent to a »high volume address » which they supposed was the trading platform.

They could only speculate on which transactions belonged to Petya , after this stage Quartz explains.

« We collected each spent output from that address, then each spent output from these addresses, and so on, » explains Quartz columnist Keith Collins. « In order to restrict the amount of rabbit holes the crawler followed, we just included transfers that occurred within eight hours of the initial outgoing transaction from the first wallet. We considered high-volume wallets to be wallets that had three or more total transactions, as returned from the API, but the vast majority of those had more than ten complete trades »

This film depicts the Petya funds that were mixed through over 2000 addresses.

Taking Action Against Digital Currency Mixers

There are ways for groups and people . These include the many other mixing platforms found on the web and tumblers like Joinmarket. Further, because they believe these cryptocurrencies offer anonymity, some users elect to use altcoins like Monero and Zcash7bit bitcoin casino In the future, lots of people think kinds of anonymization that is cryptocurrency will be coming like other types of Zero Knowledge platforms and Schnorr signatures. However, law enforcement and government officials have been saying that bitcoin mixers and anonymizers should be prohibited. As an example, the Basel Institute on Governance, Europol, Interpol, and U.S. officials have been talking about proposals to »do it against digital currency mixers/tumblers. »

Can Law Enforcement Really Follow 2373 Hops?

Quartz details that the Petya funds were estimated to be sent to over 2373 addresses within the course of the process. « If we knew what bitcoin addresses or address the Petya money ended up in, we’d likely find thousands and thousands of transactions between that address and the starting address, » explains the news outlet. « That is more than we could ever chart. »

The news comes at a time when blockchain surveillance businesses have become a hot topic, and only lately Chainalysis claimed to know the missing 650,000 Mt Gox bitcoins’ destination. With hackers mixing their coins blockchain companies could be fabricating they can follow these transactions.

What do you think about mixing transactions? Do you believe when funds are sent through a bitcoin tumbler, law enforcement can follow the outputs? Tell us in the comments below.

Images via Shutterstock, Quartz, and Pixabay. 

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