10/13/2021 | Press release | Distributed by Public on 10/13/2021 12:55
Cognyte is honored and humbled to announce that our revolutionary blockchain analysis solution has been chosen as a finalist for the 2021 Milipol Innovation Awards. The winner of the Innovation Award will be announced at the bi-annual Milipol Paris event, a leading security conference that hosted over 31,000 visitors from 156 countries in 2019. Three finalists in each of the five competition categories were chosen from hundreds of applications based on their innovation and contribution to the security industry.
For 25 years, Cognyte has helped organizations solve complex challenges through constant innovation. As criminals and terrorists turn to cryptocurrency to carry out illicit activities and hide from law enforcement, there is an urgent need for a groundbreaking blockchain analysis solution. Considering this need, Cognyte has developed a unique cryptocurrency de-anonymization solution to fight crime and terror on the blockchain.
The use of cryptocurrencies for illicit purposes is on the rise. Criminals and terrorists exploit the anonymous, borderless, and easy nature of cryptocurrencies to store and transfer funds for a diverse range of illegal purposes, including money laundering, drug trafficking, organized crime activity, scams, cyber-attacks, ransomware, trading of child abuse materials, terror funding, and more.
Law enforcement and government organizations, such as financial investigation units, anti-corruption units, tax authorities, and national security and intelligence agencies, are in dire need of ways to both identify illicit activities on the blockchain and reveal the identities of their makers.
Blockchain tracing tools and analysis solutions commonly rely on traditional "follow the money" investigation methods, achieved by combining analysis of open-source intelligence and public blockchain ledger transaction data. These tools require transactions to be traced from address to address and eventually "cashed-out" at an exchange. In order for authorities using these solutions to obtain the real identity of the transaction maker, they must cooperate with the third-party exchange, who in turn must have authentic identification information for the suspect.
Illicit actors have developed multiple ways to circumvent these common methods and enhance their anonymity, subsequently rendering current tracing tools to often be inapplicable. Certain technologies, such as mixers, shapeshifters, privacy enhanced wallets (such as Wasabi), and privacy coins (such as Monero), prevent transactions from being traced to the exchange. Investigators that do get to an exchange often find their investigations stalled due to lack of cooperation from exchanges, de-centralized exchanges, non-compliance with Know Your Customer (KYC) regulations, or fake identification used by criminals at exchanges.
Cognyte's innovative approach leverages blockchain analysis and open-source intelligence with advanced analytics methodologies to allow law enforcement to both identify illicit activities on the blockchain and de-anonymize transaction makers, without the need for third parties, such as exchanges.
Here's why Cognyte's blockchain analytics solution is revolutionizing cryptocurrency investigations:
Cognyte warmly invites you to visit our booth and meet our experts. Click here to book your private demo.
We also encourage you to join our special session about de-anonymizing cryptocurrency transaction to fight crime and terror, on Wednesday, 20 October at 11:00.
If you are as excited about the Innovation Awards as we are, you are welcome to attend the awards ceremony on Tuesday 19 October at 14:30 next to the press room.
To learn more about how Cognyte's unique blockchain analysis solution can help your organization detect illicit transactions and de-anonymize criminals and terrorists, contact us.