Blockchain analytics firm, Crystal, whose solutions for crypto investigations and AML compliance are used by organisations across the globe, announced that it has increased the number of blockchains available to monitor in its platform to 335.
With the estimated number of blockchains currently in existence standing at approximately 1000, Crystal has achieved a remarkable feat to provide transparency to over 30% of the world’s chains.
What this means is that users of Crystal can now check transfers on even more blockchains, including Polkadot, Arbitrum and Avalance, helping exchanges to comply with evolving and complex anti-money laundering regulations.
“This is great news for teams working to detect suspicious activity on blockchains. By constantly adding to our vast directory of blockchains available to monitor in the simplest form, we are providing our clients with the ability to check ownership of a direct counterparty address in the transfer,” said Marina Khaustova, CEO of Crystal.
“By enabling direct counterparty checks to our functionality, we will give our users access to unique intelligence collected by our analysts and data providers, including that on sanctioned entities, illegal services and VASPs. This enhanced intelligence will play an enormous role in identifying and tracing bad actors, helping not only crypto exchanges and firms, but also the broader financial industry to make the adoption of cryptocurrencies safer for everyone.”
The amount of crypto funds stolen in 2021 jumped from USD $12.4bn to USD $16.6bn in 2022, according to Crystal’s latest Crypto, DeFi Hacks & Scams report.
Khaustova added, “Levels of crime are increasing at alarming rates, and we make it our business to equip our clients with tools that are not only effective at detecting malicious activity, but that are also easy to implement and use. At the end of the day, it is important that we all act fast, and with impact, to prevent crime rates from spiralling out of control.”