Cognyte’s Blockchain Analytics Solution Wins the 2021 Milipol Innovation Awards
Cognyte is honored and humbled to announce that its revolutionary blockchain analytics solution has been selected as a winner of the 2021 Milipol Innovation Awards. The contest took place as part of the Milipol Paris event, a leading event for security that hosts a global audience of tens of thousands of members of the security industry.
Cognyte’s blockchain analytics solution was selected based on its technological innovation and contribution to the security and investigation industry. Our solution was chosen as one of three finalists in its category out of hundreds of applicants.
Cognyte helps organizations solve complex security challenges through constant innovation and analytics technologies. 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.
Why do law enforcement and security organizations need a cryptocurrency de-anonymization solution?
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 crypto 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 agencies, are in dire need of ways to both identify illicit activities on the blockchain and reveal the identities of their makers.
What challenges do organizations conducting cryptocurrency investigations face?
Blockchain tracing tools and analysis solutions commonly rely on “follow the money” investigation methods, achieved by combining analysis of open-source intelligence and public blockchain ledger transaction data. These tools trace transactions from address to address and help identify the services that criminals eventually use to “cash-out” their funds. 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, rendering current “follow the money” methods inapplicable in some cases. Certain technologies, such as mixers, shapeshifters, privacy-enhanced wallets (such as Wasabi), and privacy coins (such as Monero), obfuscate transactions from being traced to the exchange. Investigators that do get to an exchange often find their financial crime 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.
Why is Cognyte’s blockchain analytics solution revolutionary for cryptocurrency investigations?
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 financial investigations:
- Identity de-anonymization, not just service de-anonymization: Cryptocurrency tracing tools can find associations between services and transactions, yet in some cases it is not sufficient to stop illicit activities and bring criminals to justice. Our solution identifies the people behind the addresses and transactions to help law enforcement agencies stop and neutralize crimes.
- Multi-source intelligence: The complexity of blockchain investigations means that solutions can’t just rely on a single data source. Gaining a full picture of crypto transactions and identities means fusing and synergizing siloed data sources. Our solution combines blockchain analytics, open-source intelligence, and other investigative sources and methodologies to track suspects from different angles and de-anonymize illicit transaction makers.
- Crypto service and privacy technology self-sufficiency: Cognyte’s advanced analytics solution bypasses the challenges that traditional tracing tools are faced with, such as:
- Diverse crypto services and techniques
- Mixers and Shapeshifers
- Privacy enhanced wallets
- Third party independence: Law enforcement agencies are often unable or unwilling to rely on cooperation with third parties, such as exchanges, communication service providers and wallet application vendors. Financial investigations may be confidential or time sensitive, or third parties may not cooperate with authorities. Our groundbreaking blockchain analytics and intelligence tool does not depend on third parties.
- Diverse platform support: Our blockchain analytics solution supports a diverse range of services, platforms, coins and wallets.
- Extensive continued research: It is essential to ensure consistently updated support for current and new services, coins and wallets. Our solution undergoes constant research and development, led by technical experts and crypto domain professionals, to keep up with rapidly evolving blockchain challenges.
Are you ready to take your cryptocurrency investigations to the next level?
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.