Why are you need blockchain tracking services
Every year, billions of US dollars go to cryptocurrency wallets of fraudsters as a result of financial fraud. They use blockchain for laundering “dirty money” and trading in a darknet. At the same time, they try to hide their mark on the network with the help of transfers on various platforms. As a result, part of the “black” assets also falls on the addresses of ordinary users who are in no way related to scammers.
There are analytical services for tracking blockchain that check transactions and conduct investigations. Thanks to them, users of these platforms know about suspicious addresses and do not make transactions with them. Collected a selection of services that track transactions in the blockchain and gave examples of real investigations. And in the end we talk about the service that can use any desired.
Why are you need blockchain tracking services
Blockchain analysis is used to track cryptocurrency transactions. This is the process of research, classification and monitoring of addresses and transactions in the blockchain. It is necessary to prevent fraudulent actions within the network and the interaction of users with “black” assets.
Various analytical platforms check the translations of cryptocurrencies and NFT, the actions of Defi platforms, mining servers and business organizations that accept payment in cryptocurrency. These services help to identify cases related to laundering stolen funds, hacking accounts, the actions of Darknet markets, ransomware and organization programs that finance terrorism and trafficking in people.
According to the reports of analytical companies, at the beginning of 2022, illegal addresses contain cryptocurrency in the amount of at least $ 10 billion. Most of these assets are on wallets that are associated with the theft of cryptocurrencies. If they get to the addresses of other blockchain users, then they will also become accomplices in the crime. And all funds will be frozen.
Analytical services inform exchanges and organizations about suspicious transactions so that they do not work with such wallets. Below are examples of such resources.
Chainalysis-a platform with the largest reference book of blockchain services
The American service Chainalysis provides data, software and services for organizations from 70 countries. The platform team includes scientists and investigators who specialize in the analysis of illegal organizations.
The service works with banks, exchanges, business companies, financial, insurance and government organizations. Chainalysis not only monitors the funds inside the blockchain, but also checks open sources of information, such as the Internet communities and darkn forums.
Cryptocurrencies that Chainalysis tracks: the service works with most large coins, including BTC, ETH, LTC, BCH, MKR, OMG, PAX, TUSD, USDC, USDT.
CHINALYASIS Clients: Organization of drug trafficking and criminal activities UNODC, cryptocurrency exchanges Gemini, Korbit, Bitstamp and Upbit, financial conglomerate Barclays, Australian bank CommonWealth Bank and Square payment system, US Federal Bureau of Investigation.
An example of the Chainalysis investigation: May 7, 2021, a large oil pipeline company Colonial Pipeline was attacked by the Room, which temporarily ceased its activities. Russian cyber criminal group Darkside demanded to pay 75 bitcoins – at that time it amounted to approximately $ 4.4 million. Chainalysis tools helped the FBI conduct an investigation on this case. And a month later, the Ministry of Justice returned Colonial Pipeline part of the stolen bitcoins in the amount of $ 2.3 million.
Chainalysis depicted a scheme for the movement of stolen assets that Darkside conducted. Colonial Pipeline transferred 75 BTC to the address indicated by scammers, then the assets were sent to the Administrator Darkside, and he transferred 63.7 BTC to the Darkside partner.
In such schemes, Darkside administrators work according to the Model “Programs-Militagers, as a Service”. They control the movement of assets and the work of the program, for which they receive part of the fee for each successful attack. And fixed assets from fraud leaving her customer.
Crystal Blockchain – Platform with a control of 98% of transactions
The Crystal Blockchain Dutch platform helps banks, payment systems and government organizations predict possible risks that are associated with cryptocurrency assets. The service analyzes 98% of blockchain transactions with an accuracy of 100 thousand. transitions. The platform in real time provides blockchain data, helps to conduct investigations and audits, provides research reports.
Using the Crystal Expert function, the platform visualizes the flow of cryptocurrency assets. This helps to determine the owners of transactions, learn information about the recipient and source of funds, track compliance with the law.
Amlbot – Analytics platform with access to individuals
The British AMLBOT platform works not only with organizations, but also with individuals. The service helps customers analyze the cryptocurrencies for communication with illegal activities and evaluates the risks. Amlbot platform checks are based on international bases of the Crystal Blockchain platform partner, which we talked about above.
Platform users can analyze wallets both on the site and using the AMLBOT telegram-boot. In it you can receive information about inspections of specific transactions and send them to other users.
On the Amlbot website you can investigate a specific address and get the full tree of all related transactions. It will reflect specific services, the amounts of translations and risks.
For example, the image above shows a report in which the wallet address was marked with a high risk. Amlbot assigned him this status, because he received funds from the address that was seen in the scam. And later the assets were displayed from this wallet to the Darknet site. So, you cannot make transactions with this address so as not to become an accomplice in crimes and avoid freezing funds.
The selection talked about services that are tracking actions inside the blockchain. With their help, analysts check the movement of funds between wallets and reveal fraudulent schemes for laundering.
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