Sui Foundation Teams Up with Chainalysis: A Leap in Blockchain Compliance and Security Amid Rising Crypto Crime

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As an analyst within our team, I’m excited to share that we at the Sui Foundation have joined forces with the renowned blockchain analytics company, Chainalysis. Our aim is to fortify the compliance and security measures embedded within our Sui network ecosystem. By partnering with Chainalysis, we strive to ensure a more secure and transparent environment for all users and stakeholders.

As stated in a recent announcement on Thursday, Chainalysis has been designated a crucial monitoring entity within the Sui network. Their role involves identifying fraudulent actions and potential harmful threats.

Enhancing Security Through Data Monitoring

Under the terms of the agreement, Chainalysis will process addresses in order to spot illegal activities, utilizing information derived from the Sui Guardian Program – a security tool initiative rolled out last year, aimed at identifying fraudulent projects and other illicit conduct.

Through linking up with the Guardian program, the blockchain company will proactively oversee all on-chain transactions, maintaining a more stringent compliance environment throughout the Sui network.

chainalysis explains that this partnership will bring valuable advantages to their clientele, comprising numerous large cryptocurrency exchanges. The unidentified partners are expected to acquire more in-depth understanding during risk evaluations of transactions on the Sui network.

The move aims to bolster trust within the Sui network by increasing transparency and security.

In simpler terms, Chainalysis, a blockchain analysis company, highlighted that their new collaboration signifies a long-term dedication to assisting Sui. From hereon, they intend to increase their financial backing and allocate more resources towards improving Sui’s compliance structure and bolstering its investigative tools for enhanced functionality.

Crypto Crime on the Rise Despite Strengthened Security

At present, Sui Foundation’s new collaboration with Chainalysis is significant given the surge in cybercrimes within the cryptocurrency realm, notably phishing attacks and deceptive strategies preying on unaware users.

Last month, Chainalysis revealed that criminal activities involving cryptocurrencies resulted in an estimated $40.1 billion of ill-gotten gains, marking a decrease compared to the $46.1 billion reported in 2024. Despite this drop, the amount remains substantial.

On January 10th, it was uncovered by New York’s Attorney General, Letitia James, that fraudulent individuals had swindled large sums of money from people looking for work-from-home positions in the city.

James stated that he initiated a lawsuit to retrieve approximately $2 million, which supposedly got swindled from New York residents and others nationwide, due to fraudulent activities by the perpetrators.

It’s inhumane and wrong to mislead New York residents seeking remote work opportunities for financial support of their families. These scammers have been sending text messages pretending to offer well-paid, flexible jobs, but instead, they lure people into buying cryptocurrency. Once the purchase is made, the scammers swindle them by stealing their digital assets.

Today, Scam Sniffer has indicated an increase of more than 2,000% in crypto phishing scams on the Telegram platform compared to November 2024. This suggests a move towards sophisticated malware strategies.

Increased by over 2,000%, Scam Sniffer has pointed out a significant rise in crypto phishing activities on Telegram since last November. It appears that there’s a trend leaning towards more advanced malware-related tactics.

As reported by data from X (previously known as Twitter), these assailants employ several tactics, among them asking users to authenticate their accounts through the OfficialSafeguardBot.

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2025-01-16 19:27