Cryptocurrency and blockchain intelligence company Ciphertrace has announced analytics support for Binance Smart Chain (BSC) amid increased attacks and vulnerabilities on protocols running on the network.
In an announcement on 27 May, the firm said it aimed to identify high-risk financial transactions occurring on the BSC and its decentralized applications, which now number more than 600. CipherTrace already tracks the activity of more than a thousand digital assets. CipherTrace CEO Dave Jevons said that once support for the blockchain is added, the firm can add analytics to all applications built on that network.
The inclusion of CipherTrace’s analytics allows virtual asset service providers (VASPs), such as exchanges, banks, OTC desks, hosted wallets, and other financial institutions, to mark transactions on BSCs that involve illegal activity. There is a high probability, including cheating.
Binance Chief Compliance Officer Samuel Lim said compliance with global anti-money laundering regulations is paramount and the ciphertress will help them achieve this.
“Incorporating Binance Smart Chain data into its attribution system to support ciphertrace applications and exchanges is a step toward tackling illegal activities. In the long run, this will allow BSC to gain greater credibility and participation in the legal and regulated sector. “
BSC has been the center of illegal activity and Daffy feats In the last few months. The list of protocols losing money to malicious actors is on the rise, the biggest of which is PancakeBoney that lost $ 200 million BNB and its original token in a massive sudden loan attack on 20 May.
Other DeFi protocols running on BSC that have recently been hacked or exploited include Cream Finance, bEarn, Stuck finance, Uranium Finance, Meerkat Finance, Safemoon and Spartan Protocol.
Earlier this month, the crypto exchange Gate.io. Chief Marketing Officer of Mary Tatibouet Coin told Telegraph That lack of due diligence has exacerbated these feats due to the centralized nature of the BSC, adding that “they are flagging off hundreds of projects every single week.”