Dark web data intelligence provider Terbium Labs and blockchain analytics startup Skry have entered into a strategic partnership to develop a fraud and illicit transaction detection technology for cryptocurrencies including bitcoin.
Since early 2016, the bitcoin industry has seen a rapid emergence of government- and law enforcement-backed bitcoin untangling software primarily due to tightened regulatory policies on cryptocurrency usage.
Terbium Labs and Skry’s blockchain-based big data and real-time risk assessment software will enable law enforcement and other government agencies to track down bitcoin addresses used on the dark web. The joint project, which is called Matchlight, will allow users to securely monitor criminal activity on the dark web, particularly money laundering, fraud, and theft.
“We are pleased to collaborate with Skry in their efforts to safeguard digital currencies and preserve the demand for enhanced privacy in public ledgers,” said Tyler Carbone, Chief Operating Officer of Terbium Labs. “Terbium’s unique approach to dark web monitoring gives Skry customers the crucial data needed to advance an investigation, mitigate risk, and combat fraudulent or criminal activity quickly.”
Skry CEO Fabio Federici further emphasizes that Matchlight could be utilized by bitcoin startups and developers for alternative use cases apart from