CipherTrace, the leading provider of cryptocurrency intelligence and blockchain security, announced on October 15 the launch of a comprehensive virtual asset tracing capability.
According to a press release shared with Crowdfund Insider, CipherTrace customers can trace Bitcoin (BTC) transactions and over 700 digital tokens following the expansion of the firm’s crypto intelligence platform.
CipherTrace now offers the capability to trace over 87% of the volume of the world’s top 100 cryptocurrencies, including Ether (ETH), Tether (USDT), Bitcoin Cash (BCH), and Litecoin (LTC).
The company’s increased monitoring support further allows users to trace hundreds of different ERC20 compliant tokens.
CipherTrace CTO Shannon Holland, stated:
“I would emphasize that this giant leap in blockchain visibility was no easy feat. It has taken intense work and technological breakthroughs over the last four years, as well as collaboration with regulators and financial investigators. We can now discern and automatically verify previously unfathomable amounts of blockchain data and characterize it with a high level of confidence. We will continue to add more tokens, stablecoins, and blockchains in the coming months.”
CipherTrace’s proprietary algorithms, digital enrichment, advanced clustering, and tradecraft allow users to accurately trace previously unknowable public blockchain transaction data, the release noted.
CipherTrace reportedly has 522 million attribution data points, including account type, account holders, contract types, contract owners and other metadata, on crypto addresses.
CipherTrace CEO Dave Jevans stated:
“Only by helping virtual asset service providers (VASPs) rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance. 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.”
The extended tracing capabilities of the CipherTrace Cryptocurrency Intelligence platform are now available through the company’s API for an automated monitoring.
Users can explore complete BCH, ETH, ERC-20, LTC and Tether (USDT) addresses and examine details on transactions, wallets, exchanges and smart contracts, the release mentioned.
Financial crime investigators can trace Ether, Bitcoin Cash, and Litecoin addresses forwards and backward in their respective transaction history.
CipherTrace head of financial investigations Pamela Clegg noted:
“Bitcoin takes center stage in financial crime investigations because it is the easiest crypto to obtain and has the largest transaction volume. Still, billions of dollars move through alt-coins daily.”
“To close cryptocurrency money laundering gaps, we must expose more of the true number of illicit transactions that occur across the entire ecosystem. This platform expansion does just that by providing regulators, exchanges, and investors visibility into more than 87 percent of the virtual asset market trading volume.”
CipherTrace users can explore ERC-20 transactions or research smart contracts. CipherTrace software pinpoints details of smart contract data, 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. 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 upgraded platform includes transaction alerting features and updates to address risk ratings. Watchlist addresses are carefully monitored, and alerts are sent each time an address of interest conducts a transaction.