Everybody has heard of cryptocurrencies but few know what they are and how they work. The vast majority of people who neglect digital assets simply associate them with frequent scams and fraud. Given the complex structure and concept of the blockchain, crypto transactions are extremely hard to trace and reverse, giving rise to countless schemes.
Enter CipherTrace, a relatively fresh cutting-edge software solution designed to help those who lost their money in a crypto scam. Launched in 2015, CipherTrace has proven to be an effective fund recovery tool over the years, and agreements such as the Binance partnership and MasterCard acquisition testify to it.
In our article, we have provided an introduction to the advanced software company, described how it works, illustrated the significance of the acquisition and partnership, and most importantly, explained how victims of crypto fraud can benefit from CipherTrace.
What is Cipher Trace?
According to a 2021 CipherTrace report, it was revealed that decentralized finance (DeFi) platforms have been the primary target for crypto hacks that year, constituting over 75% of major incidents.
As of the end of July 2021, DeFi hacks accounted for 76% of the total number, resulting in a financial loss of approximately 361 million dollars, up by 2.7 compared to 2020. The series of incidents underscores the vulnerability of decentralized systems.
On the other hand, the overall statistics of crypto crime showed a decline when compared to previous years, with total losses falling from $4.5 billion in 2019 to $1.9 billion in 2020, and further to $681 million in the first seven months of 2021.
The crucial factor in this improvement is arguably CipherTrace, a leading blockchain intelligence company that emerged as a key player in providing solutions to face crypto crime.
CipherTrace crypto experts specialize in tracking and analyzing blockchain transactions to enhance security and regulatory compliance within the digital asset realm. The company provides tools and services that enable users to investigate, monitor, and mitigate risks associated with crypto transactions.
How Does CipherTrace Work?
CipherTrace essentially operates as a blockchain forensics and risk intelligence platform, offering tools and services that enable users to assess cryptocurrency-related risks. The core functionality of the platform encompasses tracing and analyzing transactions on various blockchain networks.
By employing advanced analytics and machine learning algorithms, CipherTrace can identify illicit activities such as money laundering, fraud, and other forms of financial crime within the crypto domain.
The platform is designed to provide real-time tracking of transactions, allowing users to gain insights into the source and destination of funds, detect suspicious behavior, and ensure compliance with regulations. It also allows the de-anonymization of transactions.
The company’s comprehensive approach to blockchain intelligence has made it an indispensable tool for crypto exchanges, financial institutions, regulatory authorities, and law enforcement agencies worldwide.
MasterCard Acquisition
In a landmark move to strengthen its presence in the crypto industry, MasterCard, a global leader in payment technology, acquired CipherTrace in September 2021. With CipherTrace acquired, the payment processor giant underscored its commitment to expanding its capabilities in combating digital asset fraud.
The integration of CipherTrace’s expertise and technology into MasterCard’s ecosystem has provided additional layers of security and transparency for digital transactions.
The CipherTrace MasterCard acquisition reflects the growing recognition of the significance of blockchain intelligence in ensuring transparent crypto transactions. The partnership is supposed to ensure a more secure and regulated environment for digital payments, offering reassurance to both legal entities and consumers venturing into the world of cryptocurrencies.
Partnership With Binance
CipherTrace’s influence in the cryptocurrency space expanded in April 2019 with its strategic partnership with Binance, one of the world’s largest cryptocurrency exchanges. The CipherTrace Binance collaboration focuses on strengthening the exchange’s anti-money laundering (AML) compliance program in the face of the tightened regulatory scrutiny of the crypto industry.
The partnership centers around CipherTrace’s technology to monitor and analyze transactions on the Binance platform, identifying potential risks and ensuring compliance with global regulatory standards.
By integrating the company’s clever blockchain intelligence solutions, Binance created a more secure trading environment, mitigating the risks associated with illicit activities and building trust among its client base.
I Got Scammed – How Can I Use CipherTrace?
If you have fallen victim to a cryptocurrency scam, CipherTrace can be a valuable tool in tracking and recovering your assets. Here’s how you can employ CipherTrace to navigate through such unfortunate situations:
- File a report – Start by reporting the incident to your local law enforcement and relevant regulatory authorities. Provide them with all available information, including transaction details, wallet addresses, etc.;
- Contact CipherTrace – Reach out to the company’s support team and provide them with the details of the scam. Our team can assist you with that;
- Collaborate with exchanges – If the scam involves crypto exchange transactions, inform the exchanges you used. CipherTrace’s partnership with various exchanges may come in handy with tracking assets stolen by cyber thieves;
- Request assistance – Consult with professionals specializing in cryptocurrency-related cases, such as Scam Brokers Reviews.
In conclusion, CipherTrace plays a pivotal role in establishing the security and legitimacy of cryptocurrency transactions. Its acquisition by MasterCard and strategic partnership with Binance accentuate the increasing importance of blockchain intelligence in the mainstream financial landscape.
Whether you are a cryptocurrency investor or a victim of a scam, CipherTrace offers an array of tools and services to navigate the complex world of digital assets. If you need help with recovering your lost money, book a consultation with Scam Brokers Reviews today and initiate the fund recovery process!
FAQ Section
What Is CipherTrace?
CipherTrace is a blockchain security company that provides solutions for tracking, analyzing, and ensuring compliance with AML regulations in the cryptocurrency industry.
Which Companies Use CipherTrace?
Prominent crypto exchange Binance and leading payment processor MasterCard both have a partnership with CipherTrace, employing crypto-tracking services to secure their transactions.
Can I Recover Lost Cryptocurrencies?
Yes, it is possible with the help of CipherTrace. If you’re a victim of crypto fraud, contact us if you need our professional services.