Korean crypto exchange Foblgate last Thursday <a href="https://www.blockchaintoday.co.kr/news/articleView.html?idxno&#61;35987" rel="noopener noreferrer nofollow">announced</a> its adoption of virtual asset data analysis solutions from blockchain data analysis firm Chainalysis, which has significantly enhanced its ability to combat illegal money laundering of virtual assets and cybercrime.“As crimes involving virtual assets continue to rise, the introduction of Chainalysis’ solutions empowers us to address a wider range of diverse and advanced virtual asset-related crimes,” said Ahn Hyun-jun, CEO of Foblgate.<h2 id="header-0">Chainalysis’ specialized solutions</h2>Chainalysis provides data, software, services, and research to governmental agencies, exchanges, financial institutions, insurance companies, and cybersecurity firms all over the world, aiding in solving high-profile criminal cases and expanding consumer access to cryptocurrency safely.Foblgate will use two of its products, Know Your Transaction (KYT) and Reactor, to strengthen safety and security measures on its exchange platform.KYT is a cryptocurrency compliance product that combines blockchain technology, a simple interface, and a real-time application programming interface (API) to map data, monitor crypto transactions, and provide safe access to decentralized finance.Meanwhile, Reactor is an investigation software that connects cryptocurrency transactions to real-world activity. This allows users to visualize cryptocurrency flows and trace transactions across blockchains.Both solutions automatically detect patterns of potential high-risk activities then issue alerts accordingly and link numerous addresses to actual entities (individuals or organizations associated with virtual asset wallet addresses.)By integrating this technology, Foblgate can restrict deposits and withdrawals made by high-risk entities, including unregistered overseas virtual asset exchanges. It can also ensure transparency in virtual asset trading within its domain.<h2 id="header-1">Taking security measures a step further</h2>Foblegate is also taking other measures to further earn trust as a secure exchange by bolstering its countermeasures to cybercrime. Notably, it has established a partnership with GTOne, a company specializing in governance and compliance solutions including anti-money laundering (AML). Through this collaboration, it will be able to thoroughly comply with the Act on Reporting and Using Specified Financial Transaction Information.This strategic move towards innovative blockchain data analysis solutions not only underscores Foblgate’s commitment to regulatory compliance and user security but also a proactive stance against emerging challenges in the realm of virtual assets and cybercrime.

Foblgate Strengthens Anti-Cybercrime Measures with Chainalysis Solutions

Table of Contents

CoinNess Global

Other articles published on Aug 10, 2023

Argentina Investigated Wordcoin for Violation of the Privacy of Personal Data!

Web3 Cybersecurity Firm Zyber 365 Raises $100M in Funding

AI.com (ại.com) Sparks Conversation as Twitter Suspends Account Amid Domain Drama

Could Aptos Mimic Solana's Skyrocketing Journey to $37? Signs Point to It

Pepe Coin Becomes the Top Discussed Crypto Beating Bitcoin & Ethereum

Ethereum is a commodity, says co-founder Joseph Lubin

Join our free newsletter for daily crypto updates!