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Home»HACKING NEWS»Ciphertrace Inspector launches LIFO/FIFO tracking
HACKING NEWS

Ciphertrace Inspector launches LIFO/FIFO tracking

By Crypto FlexsDecember 1, 20232 Mins Read
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Ciphertrace Inspector launches LIFO/FIFO tracking
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Ciphertrace Inspector launches LIFO/FIFO tracking

December 1, 2023

password tracking

Ciphertrace has announced a new DeFi-optimized tracking feature that allows financial investigators to reliably “track the money” on Ethereum and will soon be available on Tron and other EVM blockchains. You can choose last-in-first-out (LIFO) or first-in-first-out (FIFO) tracking along with Ciphertrace’s auditable capabilities. propertyContribution is the process of contributing non-helpful elements.Agents are empowered to utilize clearly defined forensic accounting methodologies to support proven evidence in court.

In the world of financial flow tracking, accountants use methods to evaluate inflows and outflows to an account in terms of LIFO or FIFO. Typically, the United States uses LIFO and the rest of the world uses FIFO. These methods affect how profits and losses are calculated and how certain funds are viewed mixed with other funds in the account. As asset flows become more digital and expand to blockchain, the same two tracking methods are needed.

This feature grants investigators the ability to:

Move or commingle funds and keep them in your account

This feature allows investigators to trace funds under investigation from one account to another through the exact transaction involving specific funds.

Track specific funds among multiple inputs and outputs, even when split across multiple transactions.

If suspicious funds are deposited into your account, they will be mixed with other deposits. This can make it difficult to determine where suspicious funds are located and to distinguish suspicious funds from other deposits. This feature automatically informs investigators which outgoing transactions are most relevant based on their methodology.

Complies with GAAP or IFRS accounting rules (LIFO in the U.S. and FIFO outside the U.S.).

Investigators assessing inflows and outflows of accounts (e.g. for tax and reporting purposes) LIFO/FIFOLIFO and FIFO are accounting methodologies implemented by CipherTrace. This is an invaluable feature in assessing profits and losses according to accounting standards accepted in your jurisdiction.

Clearly define forensic accounting methodologies to support proven evidence in court.

Investigators, law enforcement, attorneys, and other financial professionals must be able to provide evidence in court regarding ownership, accounting methods, attribution sources, and clustering heuristics. This feature allows LIFO or FIFO methodologies to be programmatically demonstrated as part of a thorough forensic analysis that will be proven in court.

Contact us Find out more today.

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