The company will now be monitoring a wide array of different assets, which were previously not included in the service.
CipherTrace crypto traceability
CipherTrace was founded back in 2015, and it specializes in developing blockchain security solutions. These range from anti-money laundering (AML) software to crypto traceability services.
The primary user base for CipherTrace’s services is quite high-level, ranging from government officials and departments to the heads of security in big corporations.
Now, CipherTrace has decided to further boost its usability by introducing crypto traceability for around 700 virtual assets. While the company only supported Bitcoin traceability until this moment, from now, customers will be able to add other assets on the CipherTrace platform.
These include popular tokens like Ether and Bitcoin Cash, but also some less prominent ERC20 cryptocurrencies.
According to official announcements, CipherTrace has now completed the implementation of its new service, and users can start tracing different addresses via the company API. Not only that, but CipherTrace has introduced investigative tools for authorities, which allow them to perform forward and backward traces of Bitcoin, Ethereum, and Bitcoin Cash addresses.
Just recently, Europol released an internet security report, stating that Bitcoin remains cybercriminals’ favorite asset.
What CipherTrace brings to the table is increased security and accountability for all assets used online. While there is still a long way before illicit activities on the Dark Web are irradicated, CipherTrace is making steps towards creating a more secure webspace.