In its latest product update, Crystal has expanded the number of blockchains available for monitoring in its platform to 335. With the estimated global number of blockchains currently standing at approximately 1000, Crystal has achieved the remarkable feat of providing transparency to over 30% of the world’s chains.
Crystal’s users can now check transfers on even more blockchains, including Polkadot, Arbitrum, and Avalance, helping exchanges comply with evolving and complex anti-money laundering regulations.
“This is great news for teams working to detect suspicious activity on blockchains. By constantly adding to our vast directory of blockchains available to monitor in the simplest form, we are providing our clients with the ability to check ownership of a direct counterparty address in the transfer,” said Marina Khaustova, CEO of Crystal.
“By enabling direct counterparty checks to our functionality, we will give our users access to unique intelligence collected by our analysts and data providers, including that on sanctioned entities, illegal services, and VASPs. This enhanced intelligence will play an enormous role in identifying and tracing bad actors, helping not only crypto exchanges and firms but also the broader financial industry to make the adoption of cryptocurrencies safer for everyone.”
The number of crypto funds stolen in 2021 jumped from $12.4bn to $16.6bn in 2022, according to Crystal’s latest Crypto, DeFi Hacks & Scams report.
Marina Khaustova noted: “Levels of crime are increasing at alarming rates, and 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 use. At the end of the day, it is important that we all act fast and with impact to prevent crime rates from spiraling out of control.”
To discover how Crystal allows you to monitor the movement of funds via multiple chains, contact us now.