Uppsala Security’s TRDB and CARA are integrated into Bithumb Efforts of combating Money Laundering and Fraud
Singapore, 8 September 2020 — We officially announce today that Uppsala Security will offer its flagship Anti-Money Laundering solutions, the Threat Reputation Database (TRDB) and the Crypto Analysis Risk Assessment (CARA), as part of the Anti-Money Laundering (AML) Total System* of the virtual asset exchange Bithumb.
About Threat Reputation Database (TRDB)
The TRDB incorporates Threat Intelligence Data validated from various sources, including crypto exchanges, wallets, payment services, social media, and cybersecurity companies. The data is collected and analyzed in a crowdsourced form and stored as blacklist and whitelist by using blockchain technology, providing real-time, immutable and up-to-date Threat Data to Uppsala Security’s products and solutions.
About Crypto Analysis Risk Assessment (CARA)
CARA is a risk analytic assessment tool that leverages patent-pending machine learning algorithms to learn the behavior of suspicious wallets and regular wallets in order to evaluate the risk score of a certain crypto address. It operates on an on-demand basis and runs as a batch process that continuously analyses selected crypto addresses. CARA can be easily integrated into software applications and is available on an annual subscription basis from Uppsala Security.
CARA provides Virtual Asset Service Provider (VASP) with the capabilities to distinguish characteristics of a data-empowered sixth sense against hacks, scams, money laundering, terrorist funding, and any other type of malicious activities. The tool is also compliant with a Risk-Based Approach (RBA) recommended by the Financial Action Task Force (FATF).
*In order to support the Crypto AML recommended by the Financial Action Task Force (FATF), the inter-governmental body in charge of preventing and combating global Money Laundering and Terrorist Financing, Bithumb will use Uppsala Security’s ‘TRDB’ and wallet risk assessment system ‘CARA’ as essential functions for virtual asset operators.
About Bithumb
Founded in 2014, Bithumb is one of the biggest and most influential South Korean cryptocurrency exchanges, having 8 million registered users, 1M mobile app users and a current cumulative transaction volume has exceeded 1 trillion US dollars.
About Uppsala Security Pte Ltd.
Uppsala Security built Sentinel Protocol, the first crowdsourced Threat Intelligence Platform powered by blockchain technology and A.I. Supporting the framework is a team of experienced cyber security professionals who provide an award-winning suite of advanced tools and services for Crypto AML, KYC Intelligence, Transaction Tracking, and Regulatory Compliance Analytics enabling organizations to protect their crypto assets from malicious attacks and scams while meeting regulatory compliance standards. Today Uppsala Security has over one thousand users including government organizations and leading enterprises providing crypto exchanges, payment services, wallets, gaming, and FinTech solutions.
Uppsala Security is headquartered in Singapore and has branch offices in Seoul, South Korea and Tokyo, Japan. Follow Uppsala Security on Telegram, LinkedIn, Twitter, Facebook and Medium.
