CipherTrace, one of the pioneers in blockchain tracking,

has expanded its capacity to provide data on 700 types of assets. Initially starting with Bitcoin (BTC), now CiperTrace aims to track the 100 best-traded assets. Because the crypto market only selects some tokens, CipherTrace has managed to expand to 87% of the most active pairings. The possibility for detailed blockchain reports can help with KYC procedures, where even the origins of crypto coins can be tracked. Within the recent selection, not only the leading coins were included, but

also hundreds of ERC-20 tokens.

“I would emphasize that this giant leap in blockchain visibility was no easy feat,” said Shannon Holland, CipherTrace CTO. “It has taken intense work and technological breakthroughs over the last four years, as well as collaboration with regulators and financial investigators. We can now discern and automatically verify previously unfathomable amounts of blockchain data and characterize it with a high level of confidence. We will continue to add more tokens, stablecoins, and blockchains in the coming months.”

The need to track tokens has been demonstrated mostly after exchange hacks. The most notorious example was Cryptopia, where a hacker took control of ERC-20 token wallets. Partial analysis showed some of the token movements, but in the end, most managed to be moved to exchanges without flagging. The other source of requirements for crypto coin movements may come from the US tax service, the IRS. According to the latest guidelines, some taxable events occur even without the need to sell the assets for fiat. The IRS requirements are still unclear, but more blockchain knowledge and tracking may increase the drive to tax crypto coins. Until recently, token addresses and tainted wallets were only flagged sporadically, when discovered in relation to hacks or exploits. Now, CypherTrace allows regular tracking and even anti-money-laundering

measures on the blockchain.

“Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance,” said Dave Jevans, CEO of CipherTrace. “Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring. By delivering the most comprehensive cryptocurrency intelligence, we are helping to create a multi-trillion-dollar global crypto economy.”