Chainalysis Blockchain Analysis Firm Launches First-Ever Alert System for Suspicious Crypto Transactions


Chainalysis launches the first ever suspicious real time alert system for cryptocurrency transactions – Chainalysis Know Your Transaction (KYT) alerts.

Chainalysis, a cryptocurrency and blockchain security analysis firm, announced on August 22 the launch of the first real time alert systems for suspicious cryptocurrency transactions. The system provides compliance officers and firms dealing with crypto an upper hand in detecting money laundering using digital assets.

The crypto transactions monitoring system becomes the

“first ever compliance alerts system”.

The Chainalysis KYT alert system will include over 15 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dai (DAI, Tether (USDT) and ERC20 tokens.

The Chainalysis alert system enhances the compliance departments of companies and enterprises dealing in crypto transactions. The real-time transaction monitoring system will focus on volumes moved, a trade with a risky counterparty and any risky behavior and an alert sent to the exchange, company or business.

“Alert levels include Severe, High, Medium, and Low, and are based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount.”

The platform is further customizable for your company’s risk preferences based on your policies which reduces the cost in the risk management department.

John Dempsey, VP Product, Chainalysis expressed joy at the launch of the latest system predicting the systems impact on secure crypto transactions. He said,

“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices. […] Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies.”

Chainalysis recently released a report on Bitcoin’s use in the illegal market whereby the analysis firm expects the total amount of BTC to be used to cross the $1 billion USD mark.

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