Alternatives to CipherTrace for Blockchain Analysis

CipherTrace was a blockchain security company that specializes in cryptocurrency intelligence and anti-money laundering solutions. Recently, it ceased operations leaving its customer base with a need for alternatives. Here are some notable alternatives to CipherTrace for blockchain analysis.

1. Breadcrumbs.app

Breadcrumbs is an open blockchain analytics platform that provides tools for crypto startups and companies, as well as law enforcement. Their solutions help identify and mitigate risks related to cryptocurrency transactions.

Key Features:

• Comprehensive Coverage: Supports multiple cryptocurrencies and provides extensive transaction coverage.
• Transaction Tracing: Traces cryptocurrency transactions across multiple blockchains.
• API Integration: Allows seamless integration with existing systems.

Use Cases:

• Financial institutions can use Breadcrumbs to ensure AML compliance.
• Law enforcement agencies can track illicit activities.

2. Crystal Blockchain

Crystal Blockchain, developed by Bitfury, is a blockchain analytics platform designed for AML compliance, transaction monitoring, and risk assessment.

Key Features:

• Graph Analysis: Provides visual graph analysis of blockchain transactions.
• AML Compliance: Ensures adherence to AML regulations.
• Address Clustering: Identifies related addresses and clusters them for better analysis.

Use Cases:

• Compliance teams can use Crystal Blockchain for AML compliance and transaction monitoring.

3. TRM Labs

TRM Labs offers a suite of blockchain intelligence tools for transaction monitoring, risk management, and fraud detection. Their platform helps businesses and institutions mitigate risks associated with cryptocurrency transactions.

Key Features:

• Real-Time Monitoring: Provides real-time monitoring of blockchain transactions.
• Risk Scoring: Assigns risk scores to transactions and addresses.
• Forensics: Offers forensic tools for in-depth investigations.
• API Access: Enables integration with other systems for streamlined operations.

Use Cases:

• Security teams can utilize it for forensic investigations.

4. Coinfirm

Coinfirm is a blockchain analytics and AML platform that provides tools for regulatory compliance, risk management, and transaction monitoring. It helps businesses ensure transparency and mitigate risks.

Key Features:

• AML Compliance: Ensures regulatory compliance with AML standards.
• Transaction Monitoring: Monitors and analyzes blockchain transactions in real-time.
• Risk Reporting: Generates detailed risk reports for better decision-making.

Use Cases:

• Businesses can use Coinfirm for AML compliance and risk management.

5. Scorechain

Scorechain provides blockchain analytics and AML solutions for cryptocurrencies. Their platform helps businesses comply with regulations and manage risks associated with cryptocurrency transactions.

Key Features:

• Compliance Tools: Provides tools for AML compliance and regulatory adherence.
• Risk Scoring: Offers risk scoring for transactions and addresses.
• Graph Analysis: Visualizes blockchain transactions for better insights.

Use Cases:

• Analysts can benefit from its visual graph analysis for detailed insights.

Conclusion

Whether you are a financial institution, law enforcement agency, or regulatory body, these platforms provide the tools necessary to ensure compliance, mitigate risks, and conduct thorough investigations into cryptocurrency transactions.