Project TITANIUM: The EU’s Plan to Decloak Cryptocurrency
Monitor blockchains, deanonymize wallet addresses, surveil nighttime cyberspace markets, too halt terrorists too money launderers: that’s the principal thrust of the European Union’s Project TITANIUM.
TITANIUM, which stands for Tools for the Investigation of Transactions inwards Underground Markets, is a three-year, €5 billion ($5.5 billion) projection that volition unite universities, mortal interrogation firms too law enforcement agencies from the U.K., Germany, Spain, Austria, the Netherlands too Finland.
Project TITANIUM volition railroad train tools too best practices for criminal investigations involving cryptocurrency inwards Europe, which, upwards to now, most law enforcement agencies convey pursued on an ad-hoc basis.
The projection plans to create forensic tools to location clusters of addresses controlled past times the same entity; position mixers or tumbler addresses used for money laundering; crawl the webs, both clear too dark; too automate information gathering almost illegal activities.
The project’s coordinator, medico Ross King of the Austrian Institute of Technology, said that criminal too terrorist uses of cryptocurrencies too nighttime cyberspace markets “evolve quickly.” King also insisted that Project TITANIUM would honor “citizen privacy.”
Project TITANIUM’s annunciation comes but a few weeks afterward the ransomware worm WannaCry disabled hundreds of thousands of computers inwards to a greater extent than than 150 countries. As of June 15, 2017, the hardcoded wallet addresses used past times the attackers convey collected almost 50 BTC inwards ransom payments.
The project’s ambit covers terrorism, equally good equally crime, too back-to-back attacks inwards Manchester too London convey ignited calls for to a greater extent than sweeping regime activity to fighting extremism.
On June 4, 2017, Prime Minister Theresa May called for “international agreements to regulate cyberspace” too to deny tearing extremists “safe spaces” online. With terrorism inwards the background, cooperation on internal safety matters similar Project TITANIUM is probable to kicking the bucket on fifty-fifty afterward the U.K. formally exits the EU.
The telephone band for to a greater extent than surveillance comes despite the fact that the Great Britain already has ane of the most wide-ranging surveillance laws, the Investigatory Powers Act, which went into strength Dec 30, 2016.
Nicknamed the Snooper’s Charter, the deed requires ISPs maintain tape of all websites users catch for ane yr too allows constabulary too other populace agencies to banking concern stand upwards for anyone’s history without a warrant.
Meanwhile, the European Union is mulling a to a greater extent than straight approach to the employment of cryptocurrency. According to a proposed directive released on March 9, 2017, the European Union could involve exchanges too wallet providers to submit employment concern human relationship owners’ identities to a fundamental database.
The directive goes on that “virtual currencies should non hold out anonymous,” too that the anonymity or pseudo-anonymity of cryptocurrencies is “more a hindrance than an asset” for legitimate users.
The rules would non but apply to bitcoin, but all “virtual currencies,” too would effectively ban anonymous cryptocurrency, at to the lowest degree inwards the EU. The proposed directive is intended to fighting money laundering too terrorism, despite scant prove that cryptocurrencies play a prominent business office inwards either.
Nevertheless, amongst or without prove that they are empowering terrorists, the anonymous or pseudo-anonymous nature of cryptocurrencies is threatening to European lawmakers, too whether through legislation or projects similar TITANIUM, they intend to decloak cryptocurrency.
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