CipherTrace, an analytics firm, has added Binance Smart Chain (BSC) to its systems for tracking illicit activity on the network.
CipherTrace now supports @binance Smart Chain!
Illicit activity can now be detected seamlessly on Binance Smart Chain and its corresponding dApps.
Read more from @decryptmedia: https://t.co/HSpLF1sWUN#SmartChain #CipherTrace #BSC #Crypto #Blockchain #AML #Compliance #DeFi
— CipherTrace (@ciphertrace) May 27, 2021
In an interview with Decrypt, CipherTrace CEO Dave Jevans noted that CipherTrace tools allow analysing transactions on a given blockchain and interact with applications within that network.
Binance’s Chief Compliance Officer Samuel Lim stated that adherence to international anti-money-laundering rules is of paramount importance to the company.
“In the long run, this addition of Binance Smart Chain to CipherTrace’s systems will bolster trust in BSC and strengthen partnerships in fiat and regulated services,” Lim said.
Earlier, CipherTrace analysts reported that in 2021 the DeFi sector’s theft volume reached a record $156 million.
During May, several projects operating on the BSC were targeted: early in the month, an unknown actor drained liquidity from the DeFi protocol Spartan by around $30 million; later, xToken lost $25 million; bEarn Fi — around $11 million.
The DeFi protocol PancakeBunny’s token fell by 80% due to the attacker’s actions. The attacker reportedly netted more than $40 million, according to The Block analyst Igor Igamberdiev.
On May 28, two BSC projects — BurgerSwap and Julswap — were attacked using flash loans.
As a reminder, in 2020 the analytical firm Elliptic added the Binance blockchain and its native token BNB to cryptocurrency risk-tracking systems.
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