Huobi Unveils On-Chain Analytics Software to Track Illegal Cryptocurrency Transactions April 14, 2020

Huobi Unveils On-Chain Analytics Software to Track Illegal Cryptocurrency Transactions

Huobi (HT) Global has rolled out Star Atlas, an on-chain analytics software that could function in parallel with comparable tools and track illegal cryptocurrency trades.

Star Atlas should assist Huobi resolve some of the earlier cynicism it faced. Chainalysis 2020 State of Crypto Crime Report said:

“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin.”

Ciara Sun, VP of global business at Huobi Group, detailed the features of the latest tool:

“Star Atlas is an on-chain monitoring tool to monitor cryptocurrency transactions to identify and detect crimes like fraud, money, laundry and other problematic activities.”

Even though Star Atlas is comparable to tools offered by Elliptic, Chainalysis and Ciphertrace, Sun trusts that Huobi has a relative advantage, but still interested to cooperate with other enterprises in the domain.

“It’s similar, but it’s different because Huobi has been operating as an exchange for almost seven years now, and we’ve combined tons of security research. We have never experienced a major security breach. So our team has very deep expertise with a proven track record, and we’ve been developing all these data in the past seven years. So Star Altas maintains a large address database.”

Huobi is looking at the possibility of associating with other partakers in the cryptocurrency doman such as Chainalysis and CryptoCompare.

As per Sun, synergies exist between Huobi and other enterprises in the cryptospace. Huobi has collected a huge amount of info in Asia, whereas other firms may have collected a lot of statistical info from the West.

Sun trusts that Star Atlas will assist Huobi in attaining its long-term objective:

“To be the most trustworthy exchange. So I think being able to have Star Atlas will help with that. But one of the reasons we launched it is because we want to make the broader cryptocurrency space a better place.”

The media release has come at a time when Huobi Korea delisted Monero (XMR) amid a scandal involving the use of Monero cryptocurrency for anonymous trades associated with sexual abuse.