Singapore-based Bitcoin and cryptocurrency operator, Huobi Group, in a bid to dispel the negative stigma surrounding Bitcoin has incorporated a new tool designed to automatically identify illegal transactions and suspend dubious accounts.
The company which records 8.7 billion in 24-hour trading volume, while speaking during a press release, stated that the new on-chain analytics tool, called “Star Atlas”, detects unusual transactions in real-time, freezes the account and then subsequently, conducts a follow-up investigation.
The company reiterated its resolve to fight against illicit activities that utilized cryptocurrency platforms on a global scale. It stated that one of its core objectives was the eradication of the negative mindset that cryptocurrencies were easily manipulated by criminal masterminds.
Speaking on the matter, Huobi’s Vice President of global business, Ciara Sun, says “It’s estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident—regardless of size – is a stain on the entire industry,”
The novel analytic tool has been in development for a while and masterminded by top crypto security experts. The tool operated by delving into a series of networks – those with the potential to mask illegal activities, while providing a tracking system that enables the detection of potential illicit activities. The tracking system adopts a quasi-user interface that the company’s administrators can utilize to track activities that appear dubious.
“Additionally, Star Atlas maintains a large address library with tens of millions of tags and tens of thousands of blacklisted addresses, which is updated and expanded automatically to allow Huobi to more efficiently detect malicious accounts and even dark web transactions among numerous complex transactions. The system also automatically monitors every on-chain transaction for markers of high-risk activity.”
The exchange company has numerous offices across the globe. Some of which include, Korea, Hong Kong, and Japan. This enables traders and investors in over 170 countries to buy, sell or exchange leading cryptocurrencies such as Bitcoin, XRP, Ethereum, and Litecoin.