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Is Chainalysis telling the truth? Do they have a super-secret decoding tool that can break Wasabi CoinJoins? The jury is out on that one. This article contains all the evidence available, though. Yesterday, journalist and Unchained Podcast host Laura Shin broke the Internet by allegedly identifying the Ethereum DAO hacker. In the article detailing the case, she claims her team used a “powerful and previously secret forensics tool from crypto tracing firm Chainalysis.”
Wasabi Wallet’s flaws aren’t merely ‘user error’. They look more systematic to me. https://t.co/fYisj079qb
— Stephan Livera (@stephanlivera) February 23, 2022
The thing is, Wasabi CoinJoins have known vulnerabilities in the current version of the wallet. So, it’s easy to think that Chainalysis just exploited those. Why would they lie, though? To make themselves look big. And to scare everyday users from privacy tools. On the other hand, the surveillance firm might have a super-secret forensics tool that breaks Wasabi CoinJoins.
Related Reading | Running With The Big Dogs: Chainalysis To Cover Dogecoin In Its Reports
What Does The Article Say About Chainalysis’ Mystery Tool?
In “Exclusive: Austrian Programmer And Ex Crypto CEO Likely Stole $11 Billion Of Ether,” Laura Shin doesn’t reveal much about the tool itself. The first time she mentions it, Shin can’t help herself and praises Chainalysis and the advances in “technology for tracking transactions.”
“Last year, as I was working on my book, my sources and I, utilizing (among other things), a powerful and previously secret forensics tool from crypto tracing firm Chainalysis, came to believe we had figured out who did it. Indeed, the story of The DAO and the six-year quest to identify the hacker, shows a lot about just how far the crypto world and the technology for tracking transactions have both come since the first crypto craze.”
The second time, she goes on the offensive and attacks Wasabi Wallet, deems the technology “so-called CoinJoin,” and reveals something extremely interesting:
“Jumping off from the Coinfirm analysis, blockchain analytics company Chainalysis saw the presumed attacker had sent 50 BTC to a Wasabi Wallet, a private desktop Bitcoin wallet that aims to anonymize transactions by mixing several together in a so-called CoinJoin. Using a capability that is being disclosed here for the first time, Chainalysis de-mixed the Wasabi transactions and tracked their output to four exchanges.”
Besides the super-secret decoding tool, she’s saying the alleged hacker mixed the coins and immediately sent them to four exchanges. This was six years ago. Was any of those exchanges centralized? Did any of the exchanges have KYC information from the alleged hacker?
ETH price chart for 02/23/2022 on Poloniex | Source: ETH/USD on TradingView.com
What Does The Twitterati Think About Chainalysis Mystery Tool?
On the one hand, podcast host Stephan Livera went hard on Wasabi. “Wasabi Wallet’s flaws aren’t merely ‘user error’. They look more systematic to me,” he said. Also in this camp, Bitcoin influencer Lili leaked documents and explained the situation. “This is a leaked internal doc from Chainalysis, a report on demixing Wasabi. Wasabi coinjoin features: link-able mixes and address reuse.”
This is a leaked internal doc from Chainalysis, a report on demixing Wasabi. Wasabi coinjoin features: link-able mixes and address reuse.
No mentions of Whirlpool coinjoin, because it actually works
https://t.co/bL0Q6v2kar
— Lili (@Marketsbylili) September 21, 2021
On the other hand, Italian Bitcoin advocate Giacomo Zucco had another target in mind. “A new secret chainanalysis technique reveals that people taking Laura Shin seriously are gullible and clueless,” he claimed.
I do. Probably because of some post-mix mistake of the specific target, possibly not even CJ-related, not because of “new hidden technique able to specifically deanonymize CJ users in general” as the article (full of mistakes in other regards) seems to want the reader to think.
— Giacomo Terrorist Zucco
(@giacomozucco) February 23, 2022
In a posterior tweet, he explained that the exploit was “probably because of some post-mix mistake of the specific target, possibly not even CJ-related, not because of “new hidden technique able to specifically deanonymize CJ users in general” as the article (full of mistakes in other regards) seems to want the reader to think.”
.@chainalysis Do you claim to be able to deanonymize properly coinjoined Wasabi Wallet 1.0 UTXOs?
— Wasabi Wallet (@wasabiwallet) February 22, 2022
To close this off, Tal Be’ery, a security expert, offered great insight. “If true, this is probably not the case anymore, as I don’t believe Chainalysis would burn this capability for PR.” Speaking about PR, Wasabi Wallet point blank asked the surveillance firm, “Do you claim to be able to deanonymize properly coinjoined Wasabi Wallet 1.0 UTXOs?” Sadly for this article, Chainalysis didn’t answer.
Related Reading | Chainalysis New Service: Snitching For The Lightning Network. Can They Deliver?
Samourai Wallet Enters The Scene Chopping Heads
The bitter rivalry between Wasabi Wallet and Samourai Wallet is already legendary. In a video titled “How Wasabi was “demixed” by Chainalysis,” Samourai destroy its rival by breaking down the case even further:
Luckily, Samourai’s LaurentMT broke it down for us vía Twitter. Apparently, in Wasabi’s CoinJoin system, “when a large amount enters the mixer, it’s “peeled” through several transactions and it’s often possible to follow this peelchain.” With that info, they identify addresses that Wasabi Wallet used twice. “Such random occurrences of addresses reused by the mixer are a known issue of the wallet,” he said.
The specificity of this output is that it’s associated to address [bc1qxp8k4] that was used twice by Wasabi Wallet (i.e. it was used in 2 mixes).
Note: Such random occurrences of addresses reused by the mixer are a known issue of the wallet. https://t.co/Zw62e4Fp4X pic.twitter.com/q9vYPWS19d
— LaurentMT (@LaurentMT) February 22, 2022
After that, they kept unpeeling the onion until they got to a Poloniex account.
To summarize:
– In this case, no error was made by the user. Only mixed outputs were consolidated in small numbers (good practice),
– Chainalysis has exploited a known issue of the mixer,
– No “advanced tool” was needed to find these results.— LaurentMT (@LaurentMT) February 22, 2022
To the untrained eye, it might seem like Samourai’s investigation validates Chainalysis’ mystery tool. Nothing could be further from the truth, LaurentMT’s summary leaves it clear. 1.- The user made “no error.” 2.- Chainalysis “exploited a known issue of the mixer,” and 3.- To obtain the data, Chainalysis didn’t need any mystery tool. Enough said.
Featured Image by milivigerova on Pixabay | Charts by TradingView
Michael Saylor Says He Has No Opinions About Shiba Inu Vs. Dogecoin- Michael Saylor says he has no opinions about one dog coin vs. another dog coin.
- He said that during an interview with Emily Chang of Bloomberg Technology.
The chairman and CEO of MicroStrategy — Michael Saylor, says he has no opinions about one dog coin vs. another dog coin.
During an interview with Bloomberg Technology, Michael Saylor was asked to give his opinion on . The memecoin surged to many new all-time highs, attracting many investors.
Emily Hsiu-Ching Chang, an American journalist, author, anchor, and executive producer of Bloomberg Technology said that so many people thought Shiba Inu, the “ Killer” was a joke but, currently who is laughing now.
In response to this, Saylor highlighted the utility and technology of . Also, he said there are other people who focus on DeFi and non-fungible tokens (NFTs). On top of that, he also said that there are speculators and entertainers who have memecoins. Adding to this, he said everyone has his own things and this is part of the crypto world and this is why it makes the crypto space interesting and exciting.
Expanding further, Emily asked Saylor how does he compare Shiba Inu to Dogecoin but the CEO of MicroStrategy said,
I have no opinions about one dog coin vs. another dog coin. I stay in my lane, Emily. #Bitcoin pic.twitter.com/8ujFWxZtne
— Michael Saylor (@saylor) October 30, 2021
Note that Michael Saylor has become a bull in the crypto space with his Bitcoin purchases. His company MicroStrategy now HODLs over 114,042 bitcoins worth around $3.16 billion.
Speaking of memecoins, Edward Snowden also tweeted to his millions of followers. Snowden emphasizes as follows:
If you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
As the first virtual world crypto event, the Cardano Summit, which finished on Sunday, promised much.
The keynote sessions are available for viewing now, with the rest of the content to be uploaded on the IOHK YouTube channel shortly.
Feedback indicated it was a well-organized event, and more importantly, it showcased key innovations and partnerships coming soon to the Cardano chain. Including the most eccentric reveal of all, an AI healthcare robot called Grace.
However, anyone who’s played Detroit: Become Human, or watched the Terminator films, would be forgiven for feeling uneasy about the idea of AI androids. Then again, is this distrust based on warrantless conjecture?
Key reveals at the Cardano Summit
The Cardano Foundation revealed several strategic partnerships to drive adoption and make full use of the chain’s smart contract capabilities. The Foundation’s CEO, Frederik Gregaard, said:
“Our new ecosystem partners cover a range of challenges and opportunities at the forefront of global society today, including climate change, NFTs, decentralized finance (DeFi), and digital identity, and they will play a pivotal role in helping us realize our vision.”
With that, in conjunction with Veritree, the Cardano chain will be used to secure tree planting records with a view to reforestation. Esports fans were pleased to hear about teaming up with Rival to develop an NFT platform. While collaborating with financial services firm UBX will “increase on-chain DeFi activity.”
The Summit also revealed a tie-in with Chainlink for “tamper-proof” smart contract oracle services.
But most intriguing of all was the unveiling of Grace, which will use Cardano as an information network to process cognitive functions.
The coming age of AI
Grace is an AI robot built by Hanson Robotics and SingularityNET. She is designed with healthcare in mind and can speak English and Korean.
“She can also measure people’s responsiveness and mirror their emotions, helping her not just to come up with diagnoses but also to respond empathetically.”
IOHK claims that operating on the Cardano chain provides Grace with the highest level of functionality in terms of processing biodata quicker, more securely, and at a lower cost.
The CEO of SingularityNET, Ben Goertzel, said the importance of physical and mental health was often overlooked pre-pandemic. But this technology can be used to meet such needs as we advance.
“This is why solutions like Grace are so important, to combat loneliness and ease the burden on frontline workers. And with Cardano’s market-leading capabilities, she will be able to scale to meet this global challenge.”
However, Grace is not yet at the stage of replacing human healthcare workers. Goertzel said they will enhance her capabilities in the coming years to serve more critical functions in elderly healthcare and medical settings.
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