Chainalysis tracks suspicious transactions with 10 Ethereum-based tokens
|- Chainalysis expands the list of coins within its tracking service.
- The company tries to satisfy the customers’ demand.
A cryptocurrency research startup Chainalysis added support for ten ERC-20 tokens to its solution aimed at fighting money laundering using cryptocurrencies.
Now the service tracks transactions with Maker, Dai, 0x, OmiseGo, Basic Attention Token among others. Chainalysis will also allow customers working with coins that are not yet added to the service. Over the next three months, the company will add Ripple’s XRP token and Dogecoin, Ethereum Classic, Dash and Zcash (only unprotected transactions) to the service.
According to Jonathan Levin, Chainalysis co-founder and strategy director, the decision to add new assets was fuelled by the growing needs of market participants and continuous hacker attacks aimed at ERC20- tokens. Also, many companies tend to strengthen measures to combat money laundering in an attempt to meet the requirements of regulators.
“There clearly are a lot of experimentations and demand coming from the market, on what can be tokenized and traded, but at the same time… we also see that many of the recent exchange hacks that we have been tracking have been ERC-20 tokens stolen,” said Chainalysis co-founder and CSO Jonathan Levin as cited by The Block
Notably, in August Chainalysis introduced the real-time alert system Chainalysis KYT to inform users about suspicious transactions with Bitcoin, Ethereum, Bitcoin Cash and stablecoins DAI and Tether.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.