Blockchain Security Firm CipherTrace Expands Crypto Tracing Capability To 700 Virtual Assets

Announcements, News | October 16, 2019 By:

Blockchain security company CipherTrace has expanded its crypto intelligence platform to support more than 700 tokens.

Founded in 2015, CipherTrace develops cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. These products are used by government, regulators, law enforcement investigators and auditors to enforce AML laws, combat crime and reduce fraud. Cryptocurrency exchanges also use the platform to comply with AML laws. Banks use CipherTrace to mitigate threats related to customer cryptocurrency activity.

In addition to bitcoin (BTC), CipherTrace said that its crypto intelligence platform now supports more than 700 cryptocurrencies. Combined, that comprises more than 87 percent of the volume of the top 100 cryptocurrencies, including Ethereum (ETH), Tether, Bitcoin Cash (BCH), and Litecoin (LTC). CipherTrace’s increased monitoring support further includes the capability to trace several hundred ERC20 tokens.

According to CipherTrace, the expanded tracing capabilities are immediately available to end-users via the CipherTrace API for an automated monitoring. Users will have the power to explore complete BCH, ETH, ERC-20, LTC and USDT addresses and view valuable details on transactions, wallets, exchanges and smart contracts. Financial investigators can also now trace Ethereum, Bitcoin Cash, and Litecoin addresses forwards and backward in their transaction history.

“Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance,” said Dave Jevans, CEO of CipherTrace. “Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring. By delivering the most comprehensive cryptocurrency intelligence, we are helping to create a multi-trillion-dollar global crypto economy.”

CipherTrace said that the unique Ethereum ERC-20 expansion features will allow users to explore any ERC-20 transactions, or research and explore smart contracts. A single click on the contract icon will highlight details of the smart contract, including all transactions, counterparties, and counterparty attribution.

“Banks and other crypto asset businesses will benefit immensely from the addition of support for ERC-20 and other significant tokens,” said Jevans. “Fully complying with AML/CFT regulations requires monitoring ERC-20 transactions for illicit activity. In addition, exchanges need to assure their banking partners that they understand and can monitor the risks associated with these and similar tokens.”

The enhanced platform also includes alerting features to deliver notifications of transactions and changes to address risk ratings. Watchlist addresses are constantly monitored, and alerts are sent every time an address of interest sends or receives payments.

“We can now discern and automatically verify previously unfathomable amounts of blockchain data and characterize it with a high level of confidence,” said Shannon Holland, CipherTrace CTO. “We will continue to add more tokens, stablecoins, and blockchains in the coming months.”