BitCluster Bitcoin De-Anonymizer Presented at HOPE Conference

Bitcoin transactions are not anonymous, but pseudonymous at best. The digital currency transactions on the blockchain can be tracked to wallet addresses to uncover the whole transaction history, thanks to the transparent nature of the Bitcoin blockchain.

In spite of the availability of transaction history and wallet addresses, it has been difficult to associate the user identity to wallets until now. But all may soon change, thanks to BitCluster. Created by Mathieu Lavoie and David Decarty-Hetu, BitCluster is a data collection and analysis tool for analyzing Bitcoin transactions and regrouping the Bitcoin wallet addresses based on the incoming and outgoing transactions.

BitCluster was presented by the duo at the ongoing HOPE (Hackers on Planet Earth) Conference at the Hotel Pennsylvania in New York City.  The presentation included a basic introduction to Bitcoin, wallets and the underlying technology, which was followed by a display of BitCluster tool.  The creators of the tool also explained the challenges they faced while developing it and how they overcame them.

Developed using Python, BitCluster initially couldn’t analyze beyond 5 blocks until they came up with a solution involving two systems, one running Python script and another with mongoDB.

After running the script, they have created

Read more ... source: TheBitcoinNews

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