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Crypto Exchange Ranks Partners With Blockchain Intelligence Company Crystal

The project Crypto Exchange Ranks (CER) has partnered with Crystal, a company that engages in blockchain analysis. Crystal offers its service to financial authorities, law firms and crypto exchanges itself. The partnership with CER, a side-project of Hacken, a crypto project with its own token that provides protection against hackers in the crypto space.

CER: Tracking Bad Actors in the Crypto Space

CER dedicates itself to rank crypto exchanges by their true trading volume. The organization does this by identifying and reporting suspicious trading volume. So far they have done this by tracking hot wallet addresses of a specific exchange. They reported unusual transaction behavior. Like funds moving between the same wallets over and over again. Or when funds go missing that supposedly belong to customers. So far however, CER has been lacking elaborate blockchain intelligence. A service that Crystal provides.

Cyber Criminals Claim 1.2 Billion USD in Cryptocurrency

How Crystal Will Help CER’s Cause

In their blog post, CER describes the partnership with Crystal as “a huge event and a breakthrough in our struggle for the development of the crypto industry.”According to CER, there are two major points in which Crystal could help CER’s fight for transparency and fairness in the crypto market. Firstly by “validat[ing] the authenticity of exchange wallets.” In order to “‘decentralize’ the process of wallet validation”. Secondly by “develop[ing] a large and comprehensive wallet database to provide CER users with up-to-date information on exchanges balances.”

White Hats Meet Unicorn

Crystal has the technical possibilities to track transactions with criminal background across different blockchains. This allows Crystal to prove the “purity of BTC”, i.e. verifying that transactions do not include wash trades. Crystal itself is a subsidiary of Bitfury. The startup became a unicorn in recently as its valuation rose to over $1 billion in a funding round in November. Thus, the partnership is between to prestigious company in the sector.

The crypto space has a common interest in engaging in the combat against fraud & crime beyond relying on authorities and the legislation and the exchanges and companies itself. Therefore, it is important to have independent organizations such as CER and its new partner Crystal.

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