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Huobi Group to Launch On-Chain Analytics System to Prevent Crime on Blockchain Networks

Criminals Sent $2.8 Billion In Bitcoin to Crypto Exchanges: Chainalysis
Criminals Sent $2.8 Billion In Bitcoin to Crypto Exchanges: Chainalysis

Huobi Group, a “leading global digital asset financial service provider,” has just announced Star Atlas, an analytics tool for on-chain analysis the group is launching. The goal is to maintain criminal activities on different blockchains and ensure the safety of traders around the world.

According to a press release, this project launch is also meant to “ease regulator concerns that cryptocurrencies are easily manipulated by criminals.”

Speaking on the matter is Ciara Sun, the Vice President of Global Business at Huobi Group:

“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. As one of the most active crypto exchanges on the market, we see it as our responsibility to take a leading role in preventing the minority of bad actors from ruining it for the vast majority that follows the rules.”

To help track on-chain activity, Star Atlas maintains a constantly updated blacklist of criminal addresses to assist in detecting “malicious accounts” and “even dark web transactions.” It also keeps an eye out for “high-risk” activity.

Otherwise, the Huobi Group recently pushed out a new trading app for its users, as InsideBitcoins has previously reported on.

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