Over the recent year we saw a huge adoption of crypto by a number of established organizations but some incidents of hacking and theft with the currency made it suspicious to users. In order to overcome the situation, CipherTrace, which is founded to productize blockchain forensics and intelligence, has partnered with the Anti Human Trafficking Intelligence Initiative (ATII) to track cryptocurrency transactions. To their user interface they have provided ATII. It will help users in reducing criminal activities and accessing financial services.
Hopefully the concern will help promote corporate responsibility within financial institutions. Hopefully as a result of the collaboration of private and public sector, the recovery of victims and prosecution of traffickers will he solved. The tool of CipherTrace, which was founded by experienced Silicon Valley entrepreneurs, became able to track more than 700 different cryptos including 87 percent of the top-100 by market cap.
To ensure guidance and expertise Pamela Clegg, Director at Financial Investigations & Education at CipherTrace, has joined the advisory board of ATII. ATII is established to fight against the modern-day slave trade through sharing intelligence and disrupting operations. Clegg thinks as with most criminal organizations and activities, following the money is the most effective way to combat this global crime because human trafficking involves use of force and coercion to obtain some types of labor of commercial sex act. Modern human trafficking is an industry worth nearly $150 billion according to survey.
So with an eye to preventing human traffickers, CiperTrace made partnership with INTERPOL and Lawyers Without Borders and some other agencies. Before doing so the organizations used to check where cryptocurrency businesses have not complied with financial regulation. According to their research one thing was found that most retail banks in the U.S. were processing as much as $2 billion in undetected cryptocurrency-related transfers.