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In November, we announced the launch of a special global project, the Transparency Hackers Initiative, that is dedicated to detecting exchanges’ hot and cold wallets and validating exchanges’ total balances. The goal is to determine if crypto exchanges do indeed possess the amount of money they should, according to public statements. We launched this project hoping it could help the entire crypto industry become fully fair, transparent and mature.
We strongly believe that discovering exchanges’ wallets can effectively resolve issues of fake volume, wash trading, money laundering and other fraud schemes conducted in the crypto market. Consequently, tackling these problems will ensure an influx of new money (from investment banks, institutional investors etc.) into the crypto industry.
Within the framework of our project, we created a new dashboard on our CER platform to rank exchanges according to their total balances. We are also doing everything in our power to detect as many exchanges’ wallets as possible and involve a significant number of Transparency Hackers to aid us in our mission. Also, reliable exchanges can report us all its hot and cold wallets in return of Solvency CERtificate, which is a sign of solvency, complete transparency and sustainability.
Still, we were aware that something was missing: we lacked a platform to verify the wallet addresses, to prove that they do, in fact, belong to a particular crypto exchange. We found such a potential partner in Crystal.
The Crystal platform is an all-in-one blockchain analytics tool. Designed for law enforcement and financial institutions, Crystal provides a comprehensive view of the public blockchain ecosystem and uses advanced analytics and data scraping to map suspicious transactions and related entities. Whether it is tracking a bitcoin transaction to a real-world entity, determining relationships between known criminal actors, or surveying suspicious online behavior, Crystal can help move your investigation forward.
Engineered by the Bitfury Group, Crystal is distributed worldwide by Crystal Blockchain BV, headquartered in Amsterdam, the Netherlands.
To learn more, visit the Crystal website!
The intended cooperation with the Crystal tool is a huge event and a breakthrough in our struggle for the development of the crypto industry. Together we’ll change crypto exchange market for the better, making it more user-oriented, fair, and transparent.
Crystal is ready to support us and make a huge impact into Transparency movement by the following actions:
“Crystal’s mission is to make digital assets ecosystems compliant and safe for all transactors,” said Marina Khaustova, CEO of Crystal. “By providing comprehensive blockchain analytics tools for Hacken’s public projects, we will join the experience of our companies and knowledge of our experts, delivering a new level of transparency and security to digital asset market.”
For today, we are monitoring more than 35 million exchange hot and cold wallets in real-time and this number is constantly growing. Having this data, we already can identify decent market leaders and rank other exchanges based on their volumes.
As a strong partner is always a guarantor of success, we believe that future integration with Crystal will remarkably accelerate this process.