Dapper Labs x Chainalysis to Thwart NFT-led Money Laundering

Dapper Labs, a prominent NFT company, has announced partnership with the blockchain intelligence firm, Chainalysis. Joining hands to boost compliance and genuinity in its NFT business. Dapper Labs, via Chainalysis insights, wants to better comprehend its users’ product transactions. But that’s not all. Dapper Labs also intends to analyze the underlying objectives behind users’ transactions.

The primary reason here is to assist Dapper Labs curb the menace of money laundering and market manipulation. Dapper Labs will be using Chainalysis’ Know Your Transaction (KYT) and Reactor tools to assess and ensure compliance. Dapper Labs wants to make NFTs safer for its customers. Chainalysis’ KYT tool highlights illicit and doubtfully riky transactions in real-time. Chainalysis’ Reactor tool initiates inquiries and investigates any transaction.

A recent Coindesk report states Chainalysis operated Walletexplorer.com to offer “meaningful leads” to the law enforcement. Walletexplorer.com is a block explorer site that’s operated secretly by Chainalysis. Chainalysis “scrapes the IP addresses of suspicious” users caught doubtfully via walletexplorer.com, per the documents.

About Dapper Labs

Dapper Labs is a Vancouver, B.C. (Canada) consumer-focused flow blockchain product working on fun games, supporting digital collectables. 

About Chainalysis

Chainalysis is “building trust in blockchains.” It creates transparency for a global blockchains-built economy. It enables banks, business, and governments to develop a uniform comprehension of how people use cryptocurrency.

Source : bsctimes.com

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