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More than 87 per cent of global virtual asset trading now traceable with CipherTrace

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CipherTrace, a provider of cryptocurrency intelligence and blockchain security, has launched an expanded cryptocurrency intelligence platform, which in addition to Bitcoin (BTC), allows customers to trace more than 700 tokens.

Combined, that comprises more than 87 pe rcent 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.
“I would emphasise that this giant leap in blockchain visibility was no easy feat,” says Shannon Holland, CipherTrace CTO. “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 characterise 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 combine to deliver unprecedented traceability and resolution to previously unknowable public blockchain information. Additionally, CipherTrace has 522 million attribution data points – such as account type, account holders, contract types, contract owners and other metadata – on cryptocurrency addresses.
“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,” says 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.”
The expanded tracing capabilities included in the latest CipherTrace Cryptocurrency Intelligence platform 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.
“Bitcoin takes centre 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,” says CipherTrace’s head of financial investigations, Pamela Clegg. “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 now also explore ERC-20 transactions of interest, or research and explore smart contracts. With a single click on the contract icon, CipherTrace can 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,” says 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.

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