Chainalysis tracks suspicious transactions with 10 Ethereum-based tokens

• Chainalysis expands the list of coins within its tracking service.
• The company tries to satisfy the customers’ demand.

A cryptocurrency research startup Chainalysis added support for ten ERC-20 tokens to its solution aimed at fighting money laundering using cryptocurrencies.

Now the service tracks transactions with Maker, Dai, 0x, OmiseGo, Basic Attention Token among others. Chainalysis will also allow customers working with coins that are not yet added to the service. Over the next three months, the company will add Ripple’s XRP token and Dogecoin, Ethereum Classic, Dash and Zcash (only unprotected transactions) to the service.

According to Jonathan Levin, Chainalysis co-founder and strategy director, the decision to add new assets was fuelled by the growing needs of market participants and continuous hacker attacks aimed at ERC20- tokens. Also, many companies tend to strengthen measures to combat money laundering in an attempt to meet the requirements of regulators.

“There clearly are a lot of experimentations and demand coming from the market, on what can be tokenized and traded, but at the same time”¦ we also see that many of the recent exchange hacks that we have been tracking have been ERC-20 tokens stolen,” said Chainalysis co-founder and CSO Jonathan Levin as cited by The Block

Notably, in August Chainalysis introduced the real-time alert system Chainalysis KYT to inform users about suspicious transactions with Bitcoin, Ethereum, Bitcoin Cash and stablecoins DAI and Tether.