CipherTrace introduces the function of real-time cryptocurrency transaction prediction to improve anti-money laundering and monitoring capabilities

CipherTrace, a blockchain security company, introduced the “Cryptocurrency Real-time Trading Predictive Risk Score” to help exchanges, over-the-counter trading platforms, hedge funds, custody solutions, payment processors, and financial investigators comply with anti-money laundering (AML) and anti-terrorism Financing (CTF) requirements. This feature is now open to some CipherTrace customers, including law enforcement agencies investigating the Twitter hacking incident, and is scheduled to be fully open to customers on July 31. Exchanges and other virtual asset service providers that use CipherTrace transaction monitoring can predict the risks of bitcoin transactions before they are submitted to the chain, which can protect customers from the risk of theft and ransomware threats. CipherTrace stated that before the Bitcoin transaction is confirmed on the chain, the transaction is first created on the network. It is then stored in the queue of other unconfirmed transactions until the miner verifies and adds it to the on-chain transaction. This process may take at least 10 minutes, sometimes even several hours to complete. CipherTrace stated that the necessary due diligence can be conducted on transaction risks in this process.