Chainalysis is a blockchain analysis company with a worldwide reputation. Now they have developed a new service, giving real-time alerts for suspicious cryptocurrency transactions. This is part of their Chainalysis Know Your Transaction (KYT) program.
The analysis company offers real-time alerts for fifteen cryptocurrencys.
Different risk profiles
Chain analysis KYT sent alerts when large amounts of crypto are sent over the blockchain. What is new is that an alert is now sent if transactions are sent to risky parties. Chainlink has created different degrees for this: The reports are subdivided into Serious, High, Medium and Low, depending on the nature of the transactions such as category, service, direct versus indirect exposure, the direction of the money and the amount.
Built in API
The fifteen cryptocurrencys that they monitor are Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether, DAI, Maker and a few top ERC-20 tokens. It is striking that privacy coins Monero, Zcash and Dash are not included. The company wants to add more coins and tokens to their service in the near future. The alert feature is built into the user interface and API that allows companies and financial institutions to examine the background of the received cryptocurrency.
John Dempsey from Chainalysis about this:
As legislators and regulators focus their attention on the industry, it is more important than ever that crypto companies adhere to best practices. Every minute counts when managing exposure to sanctioned institutions, hacked funds, darknet markets and other illegal activities. That is why Chainalysis invests in fast, usable warnings to help our customers reduce the risks in cryptocurrencies.
Last month Forbes Magazine published a list of American start-ups that they expect to have a turnover of one billion dollars in 2019. Forbes, together with the TrueBridge company, has investigated 150 companies and put together a top 25. And Chainanalysis is at the top. Although based on alphabetical order, but still a great achievement.