Cryptocurrency has several benefits that are enjoyed by businesses and consumers the world over. Easy international trade, lower transaction costs and immediate availability are only some of the advantages the world of crypto has to offer. However, there are two sides to the digital coin. The world of crypto is also alluring to online criminals; looking to utilise online crypto trading to hide their real identities, launder money and commit fraud.
To help fight illegal crypto activity,
Cryptosouk have partnered with Chainalysis,
a blockchain analysis company. Our partnership will provide you with better protection
on our platform through improved monitoring and prevention of illicit
cryptocurrency transactions. By partnering with Chainalysis we ensure we’re
fulfilling our regulatory obligations and most importantly our commitment to
keeping your digital wallet safe.
Who are Chainalysis?
The rise of crypto has created a new method of transferring value that we never thought possible. And when it comes to crypto the value is enormous, with the total market cap for cryptocurrencies worth a total of $176 billion. Unfortunately, large amounts of money such as this are always going to attract unwanted attention from online criminals.
Chainalysis have made it their goal to end illegal crypto transactions through their state-of-the-art software; detecting and preventing activities such as money laundering, fraud and compliance violations. With automated transaction monitoring technology, Chainalysis are the perfect partner for Cryptosouk to monitor any suspicious transactions on our platform.
There are two key ways that Cryptosouk will
use Chainalysis to protect your investments; Chainalysis Reactor and
Chainalysis KYT (Know your transaction).
Chainalysis Reactor is an investigation tool that helps identify illegal activity and quickly flag that with law enforcement. Reactor has been successfully used to stop fraud and extortion all over the world and is now a key component of the Cryptosouk platform. Our enforcers use Reactor to run detailed investigations into suspicious crypto transactions that could be associated with illegal activities.
By utilising Reactor, we’re providing you with the peace of mind that your trading transactions are secure. Any suspicous activity with potential to harm your account is flagged by Reactor and thwarted before any damage is done.
So how does Reactor work? If for example Cryptosouk software identified a crypto ransom note with a specific crypto address attached to it, we would enter this into Reactor, which would automatically find any connected crypto wallets associated with that address. Our compliance team would document all our findings in Reactor to ensure a record is kept for future investigations. Once it’s in our database, we’re able to quickly identify connections with future illicit behaviour and identify potential suspects.
Reactor has been recognised as one of the
leading blockchain analytics tools. It supports all major crypto currencies, meaning
that whatever your trading with, you can rest assured that Reactor and
Cryptosouk have you covered.
Our partnership with Chainalysis also means you’re protected by Know Your Transaction (KYT) software. Chainalysis KYT is a state-of-the-art security solution designed specifically for crypto currency platforms. Our compliance officers use KYT to project risk scores on suspicious transactions, enabling swift mitigation of fraudulent behaviour.
KYT removes any manual processes from the traditional crypto transaction compliance workflow. It completely automates transaction monitoring of all transactions on the Cryptosouk platform, enabling us to assess risk quickly and accurately. The best part is that it’s all in real-time. Our compliance team are provided with real time risk scores of suspicious activities, ensuring that all your trading and investing activities are protected.
KYT reduces the amount of time our
compliance experts need to spend reviewing suspicious transactions, enabling
them to focus on what matters most, protecting your cryptocurrency investments.
By combining Chainalysis Reactor and KYT together, we’re able to better understand the real-world activity happening across our platform. We are flagging new and suspicious identifications all the time, preventing illegal transactions in countries all over the world. By building trust between users and traders, Cryptosouk and Chainalysis together are making the world of crypto safe for everyone.
Disclaimer The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.