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What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Follow The Distributed

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\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

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\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The bank, which manages the swap dealing business for its parent company, BNY Mellon Corp, also fell short in supervising its swap dealer operations. These lapses resulted in repeated violations of a 2019 CFTC order, leading to a hefty penalty.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This settlement<\/a> aimed to address violations that spanned from 2018 to 2023, including breaches of a previous CFTC order. The CFTC's investigation revealed that BNY Mellon failed to accurately report over 5 million swap transactions during the period in question.<\/p>\n\n\n\n

The bank, which manages the swap dealing business for its parent company, BNY Mellon Corp, also fell short in supervising its swap dealer operations. These lapses resulted in repeated violations of a 2019 CFTC order, leading to a hefty penalty.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Bank of New York Mellon has agreed to pay a $5 million fine to the US Commodity Futures Trading Commission (CFTC) after the regulator uncovered widespread failures in the bank's swap reporting and supervision practices, Reuters reported.<\/p>\n\n\n\n

This settlement<\/a> aimed to address violations that spanned from 2018 to 2023, including breaches of a previous CFTC order. The CFTC's investigation revealed that BNY Mellon failed to accurately report over 5 million swap transactions during the period in question.<\/p>\n\n\n\n

The bank, which manages the swap dealing business for its parent company, BNY Mellon Corp, also fell short in supervising its swap dealer operations. These lapses resulted in repeated violations of a 2019 CFTC order, leading to a hefty penalty.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

<\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

Money Laundering in 2024 Reports<\/h2>\n\n\n\n

In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

\"Cryptocurrency
Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
  • BNY Mellon has agreed to hire an independent compliance consultant to review and enhance its compliance program<\/li>\n<\/ul>\n\n\n\n

    The Bank of New York Mellon has agreed to pay a $5 million fine to the US Commodity Futures Trading Commission (CFTC) after the regulator uncovered widespread failures in the bank's swap reporting and supervision practices, Reuters reported.<\/p>\n\n\n\n

    This settlement<\/a> aimed to address violations that spanned from 2018 to 2023, including breaches of a previous CFTC order. The CFTC's investigation revealed that BNY Mellon failed to accurately report over 5 million swap transactions during the period in question.<\/p>\n\n\n\n

    The bank, which manages the swap dealing business for its parent company, BNY Mellon Corp, also fell short in supervising its swap dealer operations. These lapses resulted in repeated violations of a 2019 CFTC order, leading to a hefty penalty.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

    Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

    The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

    According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

    In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

    <\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

    Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

    Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

    Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

    Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

    Money Laundering in 2024 Reports<\/h2>\n\n\n\n

    In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

    Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

    What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

    Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

    The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

    Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

    This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

    \"Cryptocurrency
    Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

    What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

    When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

    Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

    What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

    Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n
  • The CFTC's investigation revealed that BNY Mellon failed to accurately report over 5 million swap transactions.<\/li>\n\n\n\n
  • BNY Mellon has agreed to hire an independent compliance consultant to review and enhance its compliance program<\/li>\n<\/ul>\n\n\n\n

    The Bank of New York Mellon has agreed to pay a $5 million fine to the US Commodity Futures Trading Commission (CFTC) after the regulator uncovered widespread failures in the bank's swap reporting and supervision practices, Reuters reported.<\/p>\n\n\n\n

    This settlement<\/a> aimed to address violations that spanned from 2018 to 2023, including breaches of a previous CFTC order. The CFTC's investigation revealed that BNY Mellon failed to accurately report over 5 million swap transactions during the period in question.<\/p>\n\n\n\n

    The bank, which manages the swap dealing business for its parent company, BNY Mellon Corp, also fell short in supervising its swap dealer operations. These lapses resulted in repeated violations of a 2019 CFTC order, leading to a hefty penalty.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Bitcoin Price Targets Under Pressure As CFTC Files A Lawsuit Against Binance<\/a><\/p>\n\n\n\n

    Regulatory Breaches And Previous Violations<\/h2>\n\n\n\n

    The charges brought against BNY Mellon are particularly significant because many of the reporting failures occurred after the CFTC had already issued an order against the firm in 2019. The prior order mandated stricter compliance measures, yet the bank's internal systems continued to falter, leading to a massive underreporting of swap transactions.<\/p>\n\n\n\n

    According to the CFTC, the repeated infractions demonstrated not only a failure in reporting but also inadequate supervision of the bank's swap dealer business. These shortcomings exposed significant weaknesses in BNY Mellon's compliance protocols, prompting the regulator to enforce this substantial penalty.<\/p>\n\n\n\n

    In response to the CFTC's findings, BNY Mellon has reportedly taken steps to address the deficiencies identified. The bank has agreed to retain an independent compliance consultant who will review and enhance its compliance program. This move is intended to prevent future violations and ensure that the bank's reporting and supervision processes meet regulatory standards.<\/p>\n\n\n\n

    <\/p>\n","post_title":"BNY Mellon Agrees To $5M Settlement With CFTC Over Swap Reporting Failures","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bny-mellon-agrees-to-5m-settlement-with-cftc-over-swap-reporting-failures","to_ping":"","pinged":"","post_modified":"2024-09-01 22:06:15","post_modified_gmt":"2024-09-01 12:06:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18447","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16722,"post_author":"15","post_date":"2024-05-04 02:07:14","post_date_gmt":"2024-05-03 16:07:14","post_content":"\n

    Elliptic, a blockchain analysis firm, released a study <\/a>conducted with the MIT-IBM Watson AI Lab on Wednesday. This study utilized a deep learning AI model to identify money laundering patterns within Bitcoin transactions and pinpoint wallets involved in criminal activities.<\/p>\n\n\n\n

    Bitcoin's use of a decentralized public ledger, a fundamental aspect of the technology, facilitated the research, according to Elliptic. The collaboration between Elliptic and MIT-IBM leveraged AI to distinguish between legal and illegal transactions, tracking connections within the latter to expose potential money laundering activities.<\/p>\n\n\n\n

    Elliptic stated, \u201cBlockchains provide fertile ground for machine learning techniques, thanks to the availability of both transaction data and information on the types of entities that are transacting, collected by us and others. This is in contrast to traditional finance where transaction data is typically siloed, making it challenging to apply these techniques.\u201d<\/em><\/p>\n\n\n\n

    Elliptic clarified that instead of directly identifying transactions by illicit actors, the machine learning model is trained to recognize 'subgraphs'\u2014sequences of transactions that depict the laundering of Bitcoin. This method focuses more broadly on the multi-step laundering process rather than specific illegal actions on the blockchain.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea<\/a><\/p>\n\n\n\n

    Money Laundering in 2024 Reports<\/h2>\n\n\n\n

    In 2023, the volume of cryptocurrency involved in money laundering activities decreased significantly, with centralized exchanges continuing as the primary channels for such transactions. DeFi protocols and gambling services saw an uptick in use for laundering, yet they generally lack the anonymity preferred by launderers.<\/p>\n\n\n\n

    Sophisticated criminals, particularly North Korea's Lazarus Group, adapted to law enforcement tactics by employing new mixers and utilizing cross-chain bridges to launder funds. These methods allow them to obfuscate the origins of illicit funds more effectively across multiple blockchain platforms, demonstrating a dynamic shift in the techniques used by high-level criminal enterprises to evade detection.<\/p>\n","post_title":"AI Powers New Tool To Detect Illegal Bitcoin Transactions, Study Shows","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ai-powers-new-tool-to-detect-illegal-bitcoin-transactions-study-shows","to_ping":"","pinged":"","post_modified":"2024-05-04 02:07:20","post_modified_gmt":"2024-05-03 16:07:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16722","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6617,"post_author":"1","post_date":"2022-08-29 21:27:06","post_date_gmt":"2022-08-29 11:27:06","post_content":"\n

    What Is Unspent Transaction Output (UTXO)?<\/h2>\n\n\n\n

    Within the world of blockchain, when users transact their cryptocurrencies there are inputs and outputs. Inputs are unspent outputs from a previous transaction.((Cardano Docs - Understanding The Extended UTXO Model<\/a>))<\/p>\n\n\n\n

    The Unspent Transaction Output (UTXO) model defines the amount of cryptocurrency that is left after a transaction takes place. <\/p>\n\n\n\n

    Bitcoin is the most popular example using the UTXO model. When you purchase Bitcoin, every separate transaction is stored as you bought it, coins do not technically stack up like they appear to do in your wallet. When you send these coins, it doesn't usually send the exact amount needed, it will send all previous UTXOs and send you back the remainder which wasn't a part of the transaction as a new UTXO.<\/p>\n\n\n\n

    This model defines the wealth of a wallet through the sum of all UTXOs from previous transactions. The more UTXOs used as inputs in a transaction the more computational power is needed<\/a> and the more expensive it is to confirm the transaction due to larger block sizes<\/a>.<\/p>\n\n\n\n

    \"Cryptocurrency
    Cryptocurrency Transaction Showing UTXO In Use<\/figcaption><\/figure>\n\n\n\n

    What Does Spent Mean In Blockchain?<\/h2>\n\n\n\n

    When an output is used as an input in a transaction it becomes spent this prevents double-spending. The output is labeled as spent if and when it is used as an input in a different transaction.<\/p>\n\n\n\n

    Nodes<\/a> will check the transaction for its validity to see if a transaction is labeled as spent, this means coins can only be used as an input once before a new UTXO is created.<\/p>\n\n\n\n

    What Does Unspent Mean In Blockchain?<\/h2>\n\n\n\n

    Unspent means that a new transaction input hasn't been added to reference the previous transaction output. Unspent coins\/tokens just haven't been used yet - when coins are unspent this means they can still be used in future transactions.<\/p>\n","post_title":"Unspent Transaction Output (UTXO)","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"unspent-transaction-output","to_ping":"","pinged":"","post_modified":"2022-08-30 20:52:02","post_modified_gmt":"2022-08-30 10:52:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6617","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n