France and Austria jointly develop new blockchain forensics tools to help users conduct due diligence

Source: CointelegraphChina

Editor's note: The original title was "Fao-Australia Develops New Blockchain Forensics Tool"

French cybersecurity company Nigma Conseil and the Austrian Institute of Technology (AIT) revealed that they have jointly developed a new blockchain forensics tool. The agreement was signed on February 25 to develop a proposed compliance tool called e-Nigma.

E-Nigma provides users with a way to conduct due diligence in response to KYC and anti-money laundering (AML) regulations. It will monitor and organize blockchain transactions like other similar tools.

E-Nigma provides some advanced features, such as risk scoring and wallet classification, and is able to identify real identity addresses by grabbing information from the open and dark webs.

It is built on GraphSense, an open source cryptocurrency forensics platform provided by AIT. AIT is a state-owned research institute based in Vienna.

The technology is part of a project called TITANIUM, which is led by AIT and aims to investigate transactions in "underground markets". This project received € 5 million ($ 5.4 million) in funding from the European Union to reduce cryptocurrency crime.

Fabien Tabarly, CEO of NIGMA Conseil, commented on the collaboration as follows:

"The collaboration between leading European academic research institutions and our development team helps implement the most innovative tool that can combat virtual currency financial crime."

Blockchain forensics

E-Nigma's field of work is highly competitive, as companies such as Chainalysis, Elliptic, and CipherTrace have provided similar solutions.

With the increasingly stringent global anti-money laundering regulations, many companies in the cryptocurrency and traditional financial fields have turned to blockchain forensics tools.

Chainalysis recently announced a partnership with Bitfinex and Tether to help service providers maintain compliance.

Elliptic has shifted its focus to banks and launched a compliance tool to let banks understand the real risks of cryptocurrency trading.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Content Marketing Methodology A Required Course for Web3 Startups

Continuously producing good content can establish a trust relationship with users. For users, the brand is a standard...

Opinion

LianGuairadigm, the top cryptocurrency institution, is facing community resistance and significant changes in its leadership. What is happening?

Fred, co-founder of LianGuairadigm, has stepped down from his role as managing partner and will continue on as a gene...

Blockchain

Doodles version of the holey shoes sold out in 3 days, blue-chip NFTs sell to save themselves.

In the past, NFTs disguised as 'new applications of blockchain' have now started selling goods.

NFT

Cryptocurrency market value soars, is a wild bull market imminent?

A. Market Viewpoint 1 Tightening Macroeconomic and Monetary Liquidity. In the face of macroeconomic and geopolitical ...

Blockchain

Can Web3 games escape the SEC's sword dance?

Starting from the entry point of web3 games, this article explores the points to be noted in terms of product design,...

News

Losses of over $50 million A comprehensive analysis of the cascade attack event caused by the programming language Vyper malfunction.

The bugs in the smart contract language layer have resulted in the failure of reentrancy protection for some well-kno...