Tag: tracing

CipherTrace Unveils Crypto Predictive Risk Model to Combat Suspicious Transactions in Wake of Twitter Scam

CipherTrace, a cryptocurrency intelligence company, has introduced a predictive risk-scoring model to instantly avert money laundering of cryptocurrencies from ransomware attacks and theft. This model will enable crypto exchanges, hedge funds, OTC desks, ATMs, financial investigators, payment processors, and custody solutions to flag down suspicious transactions based on the predictive analysis scores generated.

  

Mitigating Twitter-like hacks

On July 16, the world woke up to the shocking news that Twitter had been hacked as high-profile figures like Jeff Bezos, Joe Biden, Elon Musk, and Bill Gates had been hit by a massive Bitcoin Scam. Things went haywire because victims lost Bitcoin worth nearly $200,000 in a matter of hours. 

CipherTrace seeks to mitigate such hacks by warning the relevant stakeholders like exchanges and payment processors of the incoming plunder as the score given will show the transactions are traveling through illegal paths.

As per the announcement:

“Real-time analytics and predictive risk scoring for cryptocurrencies enables exchanges and other Virtual Asset Service Providers (VASPs) to be able to score transactions from low to high risk based on whether the funds have been tainted by traveling through illicit paths or associated with known bad actors or sanctioned geographies.”

User privacy is not sacrificed as the company asserts that it offers the foresight without personally identifiable information being processed by the software.

Crypto user protection

Crypto fraud and theft continue causing nightmares to users. For instance, a recent report by leading blockchain tracking and analytics provider Whale Alert revealed that scammers have looted Bitcoin worth $24 million so far in 2020. 

The crypto predictive risk model seeks to eradicate this by undertaking predictive analysis enabling users to freeze stolen funds. Moreover, ransomware launderers will be stopped, and this offers crypto users protection. 

Dave Jevans, CipherTrace CEO, noted:

“The introduction of predictive risk scoring provides VASPs with a powerful new tool to identify potentially illicit funds before those transactions are finalized on the Bitcoin blockchain. This capability will also help VASPs offer an improved, more efficient user experience to their customers.”

This development is touted a game-changer in altering Bitcoin’s lingering reputation in the movement of illegal funds.

Tencent Receives Patent for Tracing Missing Individuals by Using Blockchain Technology

Chinese tech giant Tencent, the owner of the Chinese instant messaging platform WeChat, has revealed that it has been granted a patent for using blockchain technology for person-seeking notices, according to local media outlets.

The purpose of developing tracing missing individuals is to facilitate the search for missing persons’ efficiency and improve the traceability of data. According to the company, it has taken more than three years for the patent application to be approved since it was first filed in December 2019.

The patent indicates that blockchain technology will be adopted; users submit requests of missing person data followed by a broadcast of the missing person notice to the blockchain network to conduct consensus verification on the missing person notice, store it in the corresponding consensus block, and forward it to the node to broadcast to a wider audience.

Tencent is emerging as a notable frontrunner in China’s tech scene as it formed an industry consortium to spearhead the development of a standardized framework for blockchain technology.

Tencent has partnered with blockchain company ShareRing to deploy a blockchain-powered digital document and identity management solution to stimulate the travel industry, which has been hit hardest by the Covid-19 pandemic.

The company announced in 2020 that it would invest 500 billion yuan ($70 billion) over the next five years in emerging technologies, including blockchain, artificial intelligence (AI), cloud computing, and cybersecurity.

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