Crypto exchanges have a new tool for tracking suspicious transactions
CipherTrace analytics service adds new predictive capabilities to its tracking software.
Now crypto exchanges and other crypto companies will be able to more effectively identify potentially suspicious transactions.
Risk assessment will be carried out before Togo, how transactions will be confirmed on the blockchain.
What it is
Analytics firm CipherTrace, one of the leading providers of software for the crypto industry, has unveiled new tools added to its tracking software. New predictive capabilities will allow crypto exchanges and other participants in the crypto community with greater easily determine which assets are safe and which may be involved in criminal activity.
It is fair to say that such tools do not represent a revolutionary breakthrough in technology. So, competitors of CipherTrace – Chainalysis and Elliptic – are also promoting on market similar proposals.
However, this will be another step in creating more safe for all crypto space. Moreover, the company got it right time for release of new products, since a massive hacker attack on Twitter. Its result was the hacking of more than a hundred official well-known accounts. Massive attack bitcoin-scammers on Twitter cost victims $ 120 000.
How it works
As explained main CipherTrace financial analyst John Jeffries, the new predictive risk assessment system will alert software customers in real time to suspicious cryptocurrency transactions. The risk assessment associated with the transaction will be carried out based on the on-chain movement history funds.
So, the monitoring system will assign “High risk” assets from countries under sanctions or associated with fraudulent campaigns. Also when evaluating will be categories such as crime, darknet, gambling industry, malware and ransomware, and also mixing services cryptocurrencies.
When this it is important that the assessment of the risk level will be carried out yet at the mempool stage, in which transactions are awaiting confirmation. So way, experts want questionable assets and suspicious transactions have been identified before, than they will finally go to blockchain and will be written in it.
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