Crypto exchanges have increased dramatically, forming an integral part of the industry, but a percentage of cryptocurrency transactions are illicit. Digital currency exchange giant Huobi Group announced the launch of Star Atlast, an analytics tool to monitor illegal cryptocurrency transaction and curb the use of digital currencies for criminal activities. Firms like Chainalysis and Elliptic offer similar tools, but with the launch of Star Atlast, Huobi aims to fight against the fraudulent use of cryptocurrencies on a global scale.
Star Atlas can track illicit activities in the following ways:
- Monitor flow of assets
- Analyze event correlation, authentication of identity
- Label malicious address
- The tool will also maintain an extensive library consisting of all the blacklisted addresses and will timely update the list.
Ciara Sun, VP of Global Business at Huobi Group, believes that however small the percentage of illicit transactions maybe, preventing it is necessary to save the interest of the vast majority that follows the rules.
Star Atlas could be launched this month with a US licensed firm. As regulators have become more involved in digital currency industries, the launch of an analysis tool like Star Atlas is nothing short of a necessity.
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