The blockchain analytics company Crystal announced that it has increased the number of blockchains available to monitor in its platform to 335. Crystal provides solutions for crypto investigations and AML compliance that are used by businesses all over the world.
With an estimated 1000 blockchains in use today, Crystal has accomplished a remarkable feat by bringing transparency to more than 30% of the chains worldwide.
Users of Crystal can now verify transfers on additional blockchains, such as Polkadot, Arbitrum, and Avalance, making it easier for exchanges to abide by the intricate and constantly-evolving anti-money laundering regulations.
For teams trying to find suspicious activity on blockchains, this is fantastic news. “We are giving our clients the ability to check ownership of a direct counterparty address in the transfer by continuously adding to our vast directory of blockchains available to monitor in the simplest form,” said Marina Khaustova, CEO of Crystal.
We will give our users access to unique intelligence gathered by our analysts and data providers, including that on sanctioned entities, illegal services, and VASPs, by enabling direct counterparty checks to our functionality. In order to make the adoption of cryptocurrencies safer for everyone, this improved intelligence will play a significant role in identifying and tracing bad actors, helping not only crypto exchanges and firms but also the broader financial industry.
The most recent Crypto, DeFi Hacks & Scams report from Crystal shows that the amount of cryptocurrency funds stolen in 2021 increased from $12.4 billion to $16.6 billion in 2022.
“We make it our business to equip our clients with tools that are not only effective at detecting malicious activity, but also easy to implement and use,” Khaustova continued. “Crime levels are rising at alarming rates. In the end, it is crucial that we all take swift action that has an impact to stop the crime rate from getting out of hand.