Introducing the Expanded Crypto Intelligence Platform
On October 15, CipherTrace, a well-known blockchain security firm, unveiled its upgraded crypto intelligence platform, now supporting over 700 tokens. This enhances the firm’s ability to monitor a whopping 87% of transactional volume from the top 100 cryptocurrencies, including big players like Ether (ETH), Tether (USDT), Bitcoin Cash (BCH), and Litecoin (LTC).
Tracing ER20 Tokens: A Game Changer
The expanded capabilities include the ability to trace several hundred ERC-20 tokens, offering clients deeper insights into the digital asset landscape. This significant update forever changes how users can track and trace token flow, keeping them ahead in a fast-evolving market.
Who’s In Charge of All This Data?
CipherTrace hasn’t yet revealed specific details of the cryptocurrencies not supported, adding a bit of suspense. This may leave users eagerly waiting for insights regarding which tokens they can and cannot monitor. Updates are expected as feedback rolls in.
A Tool for Investigators
With the CipherTrace API, users and financial investigators can easily trace crypto addresses, keeping tabs on transactions, wallets, exchanges, and even smart contracts. This level of access is crucial for maintaining a transparent financial environment in the blockchain space.
The Vision for a “Multi-Trillion-Dollar” Crypto Economy
According to CipherTrace’s CEO, Dave Jevans, this expansion aims to bolster trust levels among virtual asset service providers. It’s all about battling the dark forces of crime and terrorism that regularly plague digital currencies. In his words, this is a foundational step toward creating a “multitrillion-dollar global crypto economy.”
Technological Breakthroughs Over The Years
Shannon Holland, the company’s CTO, shared that this massive leap forward is a result of groundbreaking technological advancements over four long years. Collaboration spanning regulators and financial investigators has made it possible to analyze substantial amounts of blockchain data with impressive accuracy. He confidently stated, “We can now discern and automatically verify previously unfathomable amounts of blockchain data. More tokens, stablecoins, and blockchains are heading our way!”
Global Implications and Security Concerns
In the past, CipherTrace was entrusted by the Malta Financial Services Authority (MFSA) to monitor crypto activities within Malta—a notable gesture in combating money laundering and terror financing risks. The firm’s capabilities seem timely, especially considering recent reports citing that cybercriminals pocketed $4.3 billion from digital currencies in just 2019!
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