New Blockchain Forensics Tool Developed Through French-Austrian Cooperation
The French cybersecurity company Nigma Conseil and the Austrian Institute of Technology (AIT) have revealed to have collaborated on developing a new blockchain forensics tool. The agreement was signed on Feb. 25 to work on e-Nigma, a proposed compliance tool.
E-Nigma provides its users with a way of conducting due diligence investigations in response to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulation. Like other similar tools, it monitors and organizes blockchain transactions.
The platform provides several advanced features such as risk scoring and wallet clustering. It is able to identify addresses with real-life identities by scraping through both the clear and dark web.
It builds on the open-source cryptocurrency forensics platform provided by AIT, GraphSense. AIT is a government-owned research institute headquartered in Vienna.
The technology was built as part of an AIT-led program called TITANIUM, which was formed to investigate transactions in “underground markets.” The program was awarded a 5 million euro ($5.4 million) grant by the European Union to mitigate cryptocurrency crime.
Fabien Tabarly, CEO of NIGMA Conseil, commented on the collaboration:
“The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial crime in virtual currencies.”
Blockchain forensics
E-Nigma is working in a competitive field, with similar solutions being provided by companies like Chainalysis, Elliptic and CipherTrace.
As money laundering regulations around the world turn more stringent, many companies in the cryptocurrency and traditional finance sectors are turning to blockchain forensics tools.
Chainalysis recently announced its collaboration with both Bitfinex and Tether, helping the service provider maintain compliance.
Elliptic has turned its focus on banks, with a compliance tool letting them understand the true risk from cryptocurrency exchange transactions.