Friday, December 9, 2022

Chainalysis Added Internet Of Blockchain’s Cronos To Its Software

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Chainalysis added internet of blockchain’s Cronos to its compliance software as we can see more today in our latest blockchain news today.

Chainalysis added support for Cronos blockchain and its native CRO token and all CRC-20 tokens which trade on the Cronos chain to its KYC service. This marks the biggest upgrade to the Chainalysis KYT service which flagged some suspicious and high-risk transactiosn for compliance teams as traditional but also crypto-financial institutions and this service counts Robinhood, PayPal, BNY Mellon, and Genesis among its clients.

Cronos is an inter-blockchain protocol or internet of blockchains that is built using the cosmos software development kit and has been quite popular among decentralized gaming developers because it is aimed at enhancing interoperability between the blockchains. This makes its addition to the crypto compliance software quite important and these Bridge chains that connect one blockchain to another, have been quite popular targets for hacks and exploits that result in stolen crypto worth billions. A recent example is the Ronin hack which drained 173,600 ETH and 25.5 million USDC from the bridge which connects the axle infinity game to the ETH mainnet. Cronos managing director Ken Timsit noted:

“Increasingly, it’s become a commonly accepted thesis that we are going to live in a multichain world. But when you make the link between multichain concept and all the hacks that have happened recently on bridges—taking hundreds of billions of dollars—you can see that this multichain world creates new risk challenges.”

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Cronos accounted for $3.85 billion worth of the $208.3 billion total value of the assets deposited in DEFI as per Defi Llama. In the meantime, the native CRO token had a market cap of $10.5 billion and became the 18th largest token by market cap as per CoinMarketcap. Chainalysis was founded in 2014 after the COO at Kraken decided there should be a new tool that will make it easier to follow the money while aiding the officials in an investigation of the MT. Gox exchange. In 2014, after the users experienced some issues withdrawing the money from the exchange, it was revealed tht 850,000 BTC were stolen and the BTC was worth $350 million at the time. Because the exchange processed 70% of the BTC transactions, it was enough to send the BTC price from $800 to $400:

“Over the past year, we’ve seen tremendous growth in the DeFi and Web3, and it’s still early days. We are thrilled to partner with a leader like Cronos to ensure that as this exciting ecosystem continues to grow, it does so safely and compliantly.”

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