• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Industry News

Tracing illegal crypto funds through banks now possible

Albert Kim by Albert Kim
Apr 29, 2020 12:26 pm
in Cyber Security News
2 min read
tracing Illegal crypto
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

Tracing illegal crypto is now possible thanks to a new product by CipherTrace. The firm has come up with a new product, Armada that will protect banks with potential risks that come with crypto exchanges. The startup that is DARPA-backed will help banks in detecting illegal crypto funds.

Illegal crypto has become a threat to the banking sector but with the new tool, it is possible for banking institutions to minimize the risks the crypto sphere poses. Industry fraudsters are becoming tech savvy every day and keen on exploiting any weak link in the banking sector.

Saving billions through tracing Illegal crypto

CipherTrace a blockchain intelligent outfit based in Silicon Valley says U.S. banks have been handling over$2 billion crypto transactions annually without knowing.  This exposes these institutions to fraud and other crypto-related crimes. However, every 8 out of 10 banks are in illegal transactions knowingly.

RelatedPosts

Famous Twitter hack perpetrator bags three years jail term

Buggy contract: DODO loses $3.5 million in recent attack

Verge suffers massive block reorg attack, 200-day transaction history wiped

Blockfolio allegedly breached as users receive offensive messages

The revolutionary tracing illegal crypto product that was launched earlier today will turn around the malpractice and help banks comply with AML guidelines. This new software christened Armada is a tool that will help lower the risks involved when dealing with Virtual Asset Service provision (VASP).

The tool uses machine learning and forensic algorithms in monitoring digital asset transactions and come up with fool-proof evidence on fraudulent activities. The software works on crypto ATMs, exchanges and individual users.

As per John Jeffries the financial analysts at CipherTrace::

The information collected about users as part of KYC is meant to ensure the exchange is abiding by all AML and Combating the Financing of Terrorism (CFT) requirements in addition to international sanctions. Without collecting some information on users, exchanges would have no ability to decipher whether a criminal is using their services to launder money.

Tracing Illegal crypto in the dark web

Through the system, the firm will be able to gather data on dark web activities. The software will be able to track crypto scams as well as ransomware attacks according to Catherine Woneis, the product management Vice President at the security firm:

This translates into a more accurate and comprehensive risk assessment of VASP anti-money laundering controls and is what enables Armada to catch MSBs that may be obscuring their true nature through different names or hidden accounts.

However, Armada’s clients for tracking down illegal crypto will be drawn from the banking sector. They are the ones facing the digital asset threat as they continue to be integrated with crypto service providers says Jefferies.

Already CipherTrace offers analytical solutions in the blockchain industry to high profile players in the crypto sphere including Rakuten, the Binance ecosystem, and Galaxy Digital. These should be the first to benefit from the tracing illegal crypto tool.

 

Tags: banksfraud
Albert Kim

Albert Kim

Albert Kim is a full time tech content developer and writer specializing in blockchain and cryptocurrencies. He has been in the tech industry for the last 7 years helping businesses scale up their potential to the next level.

Related Posts

Bitcoin
Cyber Security News

Famous Twitter hack perpetrator bags three years jail term

2021-03-17 16:02 pm
Tether plans to extend USDT stablecoin to Kusama and Polkadot
Cyber Security News

Buggy contract: DODO loses $3.5 million in recent attack

2021-03-09 11:40 am
Tether plans to extend USDT stablecoin to Kusama and Polkadot
Cyber Security News

Verge suffers massive block reorg attack, 200-day transaction history wiped

2021-02-16 07:01 am
Indian lecturer losses nearly $14,000 Bitcoin to Telegram scammer
Cyber Security News

Blockfolio allegedly breached as users receive offensive messages

2021-02-09 10:18 am
Tether plans to extend USDT stablecoin to Kusama and Polkadot
Cyber Security News

Experts detect crypto-mining malware targeting Kubernetes clusters

2021-02-04 06:08 am
Chainalysis: Crypto ransomware attacks rose by 311% in 2020
Cyber Security News

Chainalysis: Crypto ransomware attacks rose by 311% in 2020

2021-01-25 12:01 pm

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • Ripple price prediction XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1283 shares
    Share 513 Tweet 321
  • DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1150 shares
    Share 460 Tweet 288
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1090 shares
    Share 436 Tweet 273
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1020 shares
    Share 408 Tweet 255
  • Dent Token Prediction for 2021 – 2025

    902 shares
    Share 360 Tweet 225

Latest News

Binance Coin price

Binance Coin price prediction: BNB falls to $505, can bulls defend $500 support level?

April 16, 2021
What made NMX (+2,600% in March) one of the top DeFi tokens of 2021 1

What made NMX (+2,600% in March) one of the top DeFi tokens of 2021

April 16, 2021
ETH Price Prediction

ETH Price Prediction: Ethereum surges to new milestones, drawing closer towards the $2,500 mark

April 15, 2021
Uniswap Price Prediction 2021-04-15

Uniswap price prediction: Uniswap retests $37, set to reach $40 today

April 15, 2021
Binance Coin Price Prediction 2021-04-15

Binance Coin price prediction: Binance Coin retraces to $535, prepares to set another lower high?

April 15, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 2

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.