Key facts: The implementation of the Reactor Nodes software is part of the Campo de Gibraltar Plan. The program can track the movement of stolen funds, darknet and ransomware. The Spanish police have decided to go one step further to control criminal actions that can be committed using bitcoin (BTC) and cryptocurrency transactions in its territory. For this they have turned to the blockchain research company Chainalysis. The authorities released a document that shows the tender in which two licenses from the cryptocurrency research program called Chainalysis Reactor Nodes. The software will be destined for the units that “carry out their missions in the provinces of Huelva, Málaga and Cádiz”, in the southwest of Spain, the contract disclosed by local media is detailed. As reported by Chainalysis, Reactor connects cryptocurrency transactions with real-world entities. Examine criminal activity, such as the movement of stolen funds, as well as legitimate activity such as flash loans and non-fungible token transfers (NFTs). It also includes tracking addresses that may lead to illicit services such as darknet marketplaces, scams and ransomware, and legitimate services such as decentralized finance (DeFi) platforms, Bitcoin mining pools and other commercial services, they detail.
The Spanish police contract with Chainalysis reaches 90,000 euros. Source: newtral.es.
Spain seeks to dispel doubts
The implementation of this software by Spain, is part of the Campo de Gibraltar Plan. The objective is to give an “urgent and effective response to the progressive deterioration of the objective and subjective security conditions that had been taking place in the municipalities of that region,” reported the Ministry of the Interior. Spain does not have rigorous laws, nor authorities that determinedly pursue money laundering through the use of bitcoin and other cryptocurrencies, according to the United States Department of State, a fact reported by CriptoNoticias. This decision to implement new technologies for the tracking of cryptocurrencies, seems to want to demolish the affirmations of the United States and in turn, comply with the regulations framed within the MiCA Law, a project that is preparing for the regulation of bitcoin in the European Union.
Chainalysis advances in its software
The hiring of software from the Chainalysis firm by the police coincides with the launch of another program developed by the company, called Cryptocurrency Incident Response. The new product, as reported by the firm on its blog, is intended to provide companies and States with the ability to investigate to recover lost funds in the event of an incident such as a cyber attack or unauthorized network intrusion involving the theft or demand for cryptocurrencies. “We are ready to act quickly when an incident occurs, minimize your losses and then work to recover the funds,” they say.