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Coinfirm’s AMLT Network helps fight against cryptojacking

Aug 09, 2018

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Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.



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There’s a popular new hacker tool: cryptojacking software. But it won’t be very useful for long if we do this...

As we all know, hackers have unlimited creative inventiveness. One of their latest inventions is crypto jacking software that uses the computer of an unconscious victim for cryptocurrency mining. The good news is that you can easily protect your computer from such malware as well as your wallet from assets mined in crypto jacking way.

How to dig your own crypto assets? Of course, you can set up your own mining farm, which is quite expensive and requires a lot of effort. If you are less patient and unscrupulous you can try the software, that takes over others computers and uses its computing power for mining. It’s enough for the victim to click on the page that runs the appropriate script and from this point, if the computer is not protected from such risk, it turns into a small mining machine.

Cryptojacking software seems to be the favorite hackers toy these days. Let's take a look at the latest Checkpoint’s list of most wanted malware: mining scripts are ranked #1 (Coinhive),#2 (Cryptoloot), #6 (JSECoin) and #7 (XMRig).

You can protect yourself from such malignant risk in two ways. First, by installing a browser extension that can identify mining scripts, or use antivirus software that can do so. Second, if you are an active cryptomarket player, you can avoid crypto assets originated from the crypto jacking, by using Coinfirm’s AML/KYC Platform along with the AMLT Network and Token.

AMLT Network is the first system that not only allows users globally to submit addresses and related data tied to such online fraud as cryptojacking, but quickly creates a potential barrier from these bad actors and the good ones. AMLT is tied directly to the Coinfirm AML/KYC (anti-money laundering/Know-your-client) Platform, a leading regtech (regulatory technology) solution for both cryptocurrency entities and traditional enterprises such as banks looking to interact with cryptocurrency. The AMLT Network allows market participants to report suspicious actions like ransomware, phishing or cryptojacking and If delivered data is verified as legitimate, the wallets related to actions mentioned earlier are flagged to warn other users of the risk. Users that delivered legitimate data are rewarded with AMLT Tokens, that can be used to purchase reports via the Coinfirm AML/KYC Platform. This creates an ever-increasing virtuous cycle wherein honest actors are incentivized to help move these bad actors from the transparent and legitimate economy.



Above, you can see what a Coinfirm AML/KYC Risk Report looks like. This is the only header - a full report consists of financial insights and over 200 risk indicators. The main indicator is Coinfirm’s “C Score”, reflecting financial risk, is calculated on the basis of proprietary algorithms and risk scenarios. Confirm's database is constantly updated with an increasing amount of analyzed and verified data and we are constantly analyzing close to 10,000,000,000 transactions between over 500,000,000 addresses, from which almost 19,000,000 are flagged in our system. With systems like the Coinfirm AML/KYC Platform and AMLT Network in place and growing usage of it happening in the cryptocurrency economy, over time such fraud and other nefarious actions and actors can be severely limited from being effective, making the entire economy safer and more efficient overall.

About Coinfirm
Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. A recognized leader in their field and among the most influential blockchain and regtech companies, the blockchain agnostic platform benefits not only companies operating around blockchain but also major financial institutions, asset management and BI companies. In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum, currently being piloted for adoption by multiple financial institutions. Trudatum is an easy to use blockchain solution to register and verify the ownership and authenticity of any type of document, file, or data.