Coinfirm’s AMLT is starting off the week with another milestone from our Short Term AMLT Roadmap being achieved. We’re excited to launch the AMLT Crypto Alert of the Week series. A series dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the Coinfirm’s AMLT Network, and show how the AMLT Network can help track and prevent it in the future. This is a very important step in ensuring that the crypto economy is safe and secure for all users. You can contribute to this by sharing this infographic with your network and help spread awareness. Very soon data from the AMLT Crypto Alert of the Week will also be shared by media outlets so stay tuned for those announcements.
AMLT Crypto Alert of the Week
Major Token Hacked, Tokens End Up On Major Exchanges
This week’s crypto alert of the week is about the hack of a well recognized token worth around $650k at the time.
Recently a renowned token (we chose not to name them) was recently hacked and the token team came to Coinfirm and AMLT Network to report and help track the tokens and appropriate addresses.
On July 13th approximately $650k worth of tokens were taken from the originating address and distributed to 26 different addresses.
3 days later on the 16th of July, 12 of those addresses sent approximately $400k worth of the tokens to a major and known exchange (we chose not to name them).
Another 4 days later on the 20th of July, the remaining 14 addresses sent the approximate $250k worth of remaining tokens to another major and known exchange (also have chosen not to name them).
The related addresses to the hack and eventual distribution of funds have been submitted into the AMLT Network and marked and flagged in the Coinfirm AML/KYC Platform. Here you have a before and after where you can see how the appropriate flags and elevated risk rating is associated with the deposit address of the major cryptocurrency exchange in our AML/KYC Risk Report. Please note that for security and relations reasons as we are actively servicing this particular hack, the wallet addresses have been blacked out.
Before AML/KYC Risk Report
After AML/KYC Risk Report
As the stolen tokens were deposited on two major and well-known exchanges, it continues to show the further need for the integrations of platforms and systems like the Coinfirm AML/KYC Platform and the AMLT Network.
See you next week for the next edition of the Coinfirm’s AMLT Crypto Alert of the Week!
Oh by the way did you like the sneak peek video of the KYC and Onboarding section of the AMLT Network? How was it? Please share your feedback. We are in this together and we value your feedback.
If you’re interested in partnering with Coinfirm or becoming an AMLT Network Member then contact us!
The Coinfirm Team