Blockchain analysis company Chainalysis launches real-time transaction monitoring for 15 major cryptocurrencies

The blockchain analysis company Chainalysis has released alerts for suspicious transactions involving 15 major cryptocurrencies, aiming to assist the cryptocurrency industry in focusing on the most urgent activities and implementing compliance strategies to reduce regulatory and reputational risks.

According to an article released by the company on 8/22, this monitoring tool is called Know Your Transaction, abbreviated as KYT. This tool will provide real-time transaction monitoring to identify high-risk behaviors.

In simple terms, whenever a transfer involves a risky transaction pair and exceeds a value threshold, an alert will be generated. Alert levels include severe, high, medium, and low, and provide real-time information based on factors such as category, service, direct and indirect risks, fund direction, and amount.

Currently supporting 15 mainstream coins, including: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and ERC-20 tokens such as Tether's USDT, MakerDAO's Dai, and more...

Through this KYT tool, users can directly build alert functions in the user interface and API. Cryptocurrency businesses and financial institutions can track, investigate, or take risky transfer actions. In addition, customers can customize risk parameters according to their own trading strategies to help allocate resources accordingly.

Michael Breu, Chief Compliance Officer of the major cryptocurrency exchange Gemini, said:

As a New York trust company, we have a responsibility to monitor transactions inside and outside the platform. Tools like KYT alerts, which provide real-time and continuous blockchain analysis, combined with our own compliance policies, can greatly assist us in fulfilling our regulatory obligations.

John Dempsey, Vice President of Product at Chainalysis, added:

As legislators and regulators increasingly focus on this industry, demonstrating compliance in the cryptocurrency business is more important than ever. Every minute is crucial when managing risks from sanctioned entities, illicit funds, darknet markets, and other illegal activities. That's why we are committed to providing fast, actionable alerts to help our customers reduce cryptocurrency risks.

Further Reading

• Is the dark web really using Bitcoin? Research shows that the volume of transactions in fiat currency on the dark web is 800 times that of Bitcoin.
• Benefits for short-term traders: SimetriResearch to launch a new platform for short-term trading data.

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