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CipherTrace Now Traces More Than 700 Tokens

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Blockchain security firm CipherTrace expanded its virtual asset tracing capability to more than 87 percent of the volume of the top 100 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether, Bitcoin Cash (BCH), and Litecoin (LTC).

CipherTrace customers should be able to trace more than 700 tokens, including several hundred ERC20 tokens, primarily benefiting banks and other crypto asset businesses.

The enhanced CipherTrace cryptocurrency intelligence platform also includes alerting to deliver notifications of transactions and changes to address risk ratings. It constantly monitors watchlist addresses and alerts are sent every time an address of interest sends or receives payments.

The company performs the tracing in collaboration with regulators and financial investigators such as the U.S. Justice Department, the SEC, the Bermuda Monetary Authority and the Malta Financial Services Authority.

The facility is immediately available to end users via the CipherTrace API for automated monitoring of all BCH, ETH, ERC-20 and LTC addresses and viewing of details on transactions, wallets, exchanges and smart contracts. This will help users to track money laundering and illicit transactions that occur across the cryptocurrency entire ecosystem.

CipherTrace machine learning algorithms calculate risk levels for exchanges, addresses, wallets and other entities based on known associations, criminal addresses, and money laundering services.

Initially funded by the U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and Defense Advanced Research Projects Agency (DARPA), CipherTrace is backed by leading Silicon Valley venture capital investors. It was created to develop cryptocurrency and blockchain tracing and security capabilities.

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