Analyst firm Crystal Blockchain has unveiled a free version of its transaction chain analysis tool to trace the origins of cryptoassets.
According to a statement on the Crystal Blockchain website, Crystal Block Explorer is the market’s first retail version of professional blockchain analytics tool. Compared to the flagship paid product Crystal Expert, the retail version of the tool is limited. The free blockchain analytics product can be useful for ordinary cryptocurrency users, researchers and journalists.
Crystal Block Explorer checks if the crypto asset or transaction is associated with any known network participants, for example, with a certain exchange or fraudulent scheme operators. The tool also provides a risk assessment for a cryptoasset and analyzes the possibility of freezing money on the exchange due to the asset’s transaction history.
In addition to Crystal Blockchain, blockchain analytics tools are also being developed by other companies, such as Chainalysis, CipherTrace and Elliptic. There are also free tools, such as Walletexplorer and OXT, which help to establish a connection between BTC addresses.
With the new Crystal tool , users will have limited access to company data about who owns certain addresses, and will also be able to create diagrams showing chains of related transactions. According to Haustova, the ability to verify the legitimacy of counterparties is «critical to the day-to-day use and implementation of digital assets in general.»
According to one of the latest reports
Crystal Blockchain hackers have learned to withdraw stolen crypto assets faster and less often use centralized exchanges with KYC for money laundering.