Crystal™ Blockchain Analytics Supports Litecoin

by the Crystal development team

Oct 01, 2019

Litecoin Support

The Crystal team has added Litecoin support to the platform. This is the fourth digital asset to be supported by Crystal Blockchain, opening up even more powerful AML compliance practices for our clients.Litecoin is one of the oldest cryptocurrencies, and with a top-ten market cap (according to LTC on CoinMarketCap), Litecoin is available for trading across 126 exchanges globally.Litecoin is a digital asset that has been used by many Virtual Asset Service Providers (VASPs) since its creation. However, it does have the potential to be abused by bad actors for money laundering and other illegal activities (similar to other digital currencies). Adding a Litecoin explorer to the platform enables Crystal clients to expand their due diligence and add risk profiling and activity tracking for this popular cryptocurrency.

Case Management Version 2.0

Several significant improvements have been made to the case management monitoring system in the latest update. The system will now be separated into both Monitoring and Case Management as two separate management systems — and for good reason.

Monitoring

Monitoring will now be adjusted to improve client transfer management. By targeting mainly seasoned exchanges with this system, we expect this platform update to be a vital tool for those VASPs who deal with thousands of transfers daily and are in need of more robust monitoring.At the same time, we are introducing a Risky Inflow concept, which can show us which part of a deposit transfer is related to illegal activities.

Case Management

The Case Management system will now be delivered as a tool to simplify and organize investigations related to certain cases, including investigations found through suspicious User Activity from our new Monitoring system.The Activity Notifications have now been moved (from Monitoring to Case Management), so clients can save associated Trackings and Visualizations for those same cases through the updated Case Management system.

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