Huobi crypto-exchange unveils new surveillance tool

The group Huobi, owner of the popular crypto-exchange of the same name, has just announced the launch of Star atlas, a tool for identifying illicit cryptocurrency transactions on its platform in real time.

In a press release, the Singaporean group presented its new analysis tool aimed at creating a " safer business environment For traders and to relieve the work of the authorities.

The crypto-exchange, which according to Chainalysis is responsible – with Binance – for a little more than half of the output of illicit funds in cryptocurrencies, hopes to improve the control and the security transactions via this new real-time verification system.

Star atlas will bring more transparency to help monitor cryptocurrency transactions and identify risky behavior, particularly related to fraud and the money laundering.

It is estimated that only a small percentage of cryptocurrency transactions are illegal, but any incident, no matter how small, is a blot for the entire industry. As one of the most active crypto exchanges on the market, we consider it our responsibility to play a leading role in preventing the minority of bad actors from ruining it for the vast majority who follow the rules , ”Commented Ciara Sun, vice president at Huobi.

The group explains that Star atlas uses various chain-of-custody techniques, such as monitoring the flow of chain assets, event correlation analysis, identity authentication, and malicious tagging, while preserving user anonymity.

Last month, the group launched the testnet of its new blockchain. Baptized Huobi Chain, it aims to provide a DeFi application development infrastructure for financial institutions.