There are a few different companies specializing in Bitcoin blockchain analysis. Every single one of those entities seeks to provide law enforcement agencies and other parties with actionable insights on the Bitcoin network. One of these companies is Neutrino, based in Italy. Now would be a good time to check up on what this company provides exactly and how it could be both a blessing and a curse to Bitcoin users.
It sounds quite interesting if a company claims they can properly analyze the Bitcoin blockchain. Companies such as Neutrino — not to be confused with the infamous exploit kit used by criminals — specialize in searching for malicious behavior on the Bitcoin network. If criminals were to steal funds or move funds belonging to suspicious addresses, companies like these would immediately track them down to the best of their abilities.
Contrary to what a lot of people think, Bitcoin is not an anonymous currency. It is true that transactions do not include personal information, but it is a pseudonymous currency which allows anyone to keep tabs on network transactions in real-time. Doing so does not even require specialized software. All it takes is a browser and a mouse to start going through Bitcoin transactions and their histories.
Companies such as
Neutrino take this concept one step further. The company uses a proprietary machine learning algorithm known as P-Flow to constantly monitor the Bitcoin blockchain and all activities taking place on it. The software also categorizes money flows and labels risks accordingly. Interestingly enough, P-Flow is apparently capable of analyzing all transactions, even the obfuscated versions.Any compliance officer looking to assess risk of Bitcoin operations could certainly benefit from a tool such as P-Flow. It enhances AML/KYC checks and sets up customizable “red flag” alerts based on a blacklist approach. Users can flag any transaction potentially related to Bitcoin obfuscation as a threat as well. It is even capable of ascertaining whether or not a particular BTC transfer has a link to the darknet. All of this makes for an incredibly powerful solution.
Neutrino was founded back in 2016 with a strong focus on cybersecurity in general. Bitcoin quickly became one of its areas of expertise, as the company aspires to develop highly specialized cybersecurity solutions for use by partners and companies. Given the increasing popularity of Bitcoin over these past few years, developing P-Flow made a lot of sense. It is also the company’s first project to come to market. Blockchain analytics companies are in high demand these days.
Neutrino is the company responsible for tracking the recent WannaCry Bitcoin funds movements. Its research indicated how these funds were transferred to the ShapeShift exchange and converted to Monero. That statement was later confirmed by ShapeShift themselves, although they never indicated whether all of the remaining WannaCry proceeds were laundered in such a manner. This development highlights the value of Neutrino as a Bitcoin analytics company. Anyone trying to abuse Bitcoin for nefarious purposes will certainly now have a difficult time getting away with it.
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