Investigating cybercrime in general, particularly ransomware, relies more on blockchain analytics tools. This is because many attacks often use digital currencies to demand ransom. For example, the CryptoLocker campaign is under investigation using blockchain data. Researchers have been able to identify embedded digital footprints that can reveal relevant information about the identity behind them.

Cryptocurrencies rely on encryption protection and decentralized peer-to-peer system. Ownership of funds is aliased by default while the stream is public and visible. Blockchain analysis provides information on the movement of cryptocurrencies. And many investigators have access to crypto movements and transactions with the help of blockchain analytics tools.

Blockchain analytics

Blockchain analytics aims at identifying, clustering, and representing data stored on blockchains.

More and more companies operating with cryptocurrencies are using Blockchain analytics tools to analyze transactions and assess the level of risks to meet regulatory requirements worldwide.

For regulators, Blockchain analytic will increase confidence in the system and transaction, ensuring all crypto ecosystem participants are operating in compliance with rules and regulations. For investigators, Blockchain analytics will help to detect activities or interactions related to financial crime and terrorism.

Today, there are several blockchain analytics software providers on the market. Scorechain provides the best data quality at the most competitive price. Don’t hesitate to contact us to get a free demo of our solution.

About Scorechain

Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.