BIG Blockchain Intelligence Group Releases Crypto Fusion Center (CFC) for Market Theft Protection
The launch of the Crypto Fusion Center (CFC) community protection resource will improve and promote secure cryptocurrency transactions. Furthermore, the system is set to reduce illegal crypto related activities and protect the market from these activities.
— Blockchain Intelligence Group (@blocksearch) February 19, 2019
The young nature of blockchain and cryptocurrency transactions faces a tough challenge from hackers around the world. The decade long industry has so far experienced massive theft of funds from exchanges leading to loss of funds of the investors. This is one of the key factors crippling mass crypto adoption as users fear the risks involved in transacting digital assets.
The most public and grand hack in the cryptocurrency industry is the Mt. Gox hack that resulted in over US $473 million loss in cryptocurrencies. Notwithstanding, Coincheck lost over US $500 million worth of NEO, the infamous DAO hack, and lately the QuadrigaCX scandal where the owner died with the password of cold wallet storage with US $190 million worth of crypto inside.
While the field boasts on security and decentralization, there remain huge gaps in the ability for law enforcement, financial sector and regulators to coordinate to track, isolate and recover stolen funds. Such heavy losses from crypto theft is set to end will the latest introduction of the Crypto Fusion Center (CFC).
BIG Launches The Crypto Fusion Center (CFC)
Blockchain Intelligence Group Inc. (“BIG”) is a leading developer and provider of cryptocurrency risk-scoring and data analytics tools, training and investigation services announced the launch of the CFC to help track, isolate and recover stolen crypto funds. The CFC systems will seek to facilitate global communication between law enforcement, exchanges, financial institutions and regulators, provide easy access to tracking software and address risk scores of transactions. The CFC will be a community resource aimed to pick out blacklisted addresses and identify crime before it occurs and alert authorities to close the act down.
With the launch of the Crypto Fusion Center, BIG represents the most comprehensive suite of services in the cryptocurrency security space, from compliance to forensic data analytics, professional investigation services, training, and now community-wide awareness and protection regarding illicit cryptocurrency activities. Furthermore, the CFC community resource will be able to stop the laundering of the stolen fund through other exchanges.
The CFC community offers a point of a contact database for the law enforcement, crypto exchange compliance officers, International, federal, state and local law enforcement personnel. The POC uses CFC’s in service communication manager that keeps the contact information private. The CFC will provide quick blacklist addresses updates through an address alert. Finally, the system reduces the response time from law enforcement to quash theft of crypto assets before it occurs.
Other functionalities of the CFC community system include:
- Facilitating much-needed communication worldwide between law enforcement, exchanges, financial institutions and regulatory persons involved in the cryptocurrency space to freeze stolen funds.
- Easy access to comprehensive tracing software and services offered by BIG Blockchain Intelligence Group.
Speaking on the latest product launch, Robert Whitaker, BIG Director of Forensics and Investigation, was ecstatic of the launch of CFC. Robert is a former Supervisory Special Agent with Homeland Security Investigations hence the key focus on the security of funds and prevention of theft.
He calls for coordination on security and protection of funds to ensure users’ funds are well protected. For this to happen, Whitaker invites financial institutions, legal enforcement, and cryptocurrency exchanges to integrate into the CFC community. He concluded the speech saying,
“If you want to protect yourself and your colleagues from preventable illicit activities involving cryptocurrency, we look forward to building this community with your support. Together we can stop these attacks before they start or, at the very least, mitigate their impact.”