Huobi Tracks Illicit Crypto Transactions, Suspends Suspicious Accounts

Huobi Tracks Illicit Crypto Transactions, Suspends Suspicious Accounts

Huobi, a Singapore-based leading cryptocurrency exchange, has added a new tool designed to track fraudulent activities and suspend suspicious accounts in real time, according to the Daily Hodl website.

The new tool, named “Star Atlas”, detects abnormal purchases instantly, suspends accounts and then makes a follow-up investigation, according to a press release.

The exchange stated that it seeks to fight bad actors globally. In addition, it mainly aims to end a long-held misconception about Bitcoin and cryptocurrencies in general, which criminals would easily exploit.

Says Ciara Sun, vice president of global business at Huobi, said:

“It’s estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident—regardless of size – is a stain on the entire industry.”

A group of crypto security experts have been working on ‘Star Atlas’ for over a year. The new tool provides a deep dive into the dark web and other networks where illicit activities are theoretically masking. The monitoring system implements a visual user interface to enable Huobi administrators to monitor illegal activities.

“Additionally, Star Atlas maintains a large address library with tens of millions of tags and tens of thousands of blacklisted addresses, which is updated and expanded automatically to allow Huobi to more efficiently detect malicious accounts and even dark web transactions among numerous complex transactions. The system also automatically monitors every on-chain transaction for markers of high-risk activity.”

Huobi Korea ends support for Monero

Huobi Korea has announced delisting Monero (XMR) cryptocurrency trading as of 9 April 2020, due to “low trading volumes and anonymity functions”.

However, the company did not refer to the recent ‘Nth room’ case, as South Korean media claimed that the exploitation ring used Monero to complete anonymous transactions.

Huobi ranks 1st with USDT deposits

Huobi Global took the first rank with the largest deposits of Tether (USDT), accounting for $1.5 billion, according to @CryptoDiffer twitter. Meanwhile, Binance came second, followed by OKEx.

Huobi loses position in average deposit

As regards average deposit, Binance took the leadership with an average deposit of $26.8 thousand USD by each user. It was followed by OKEx ($21.2 thousand USD).

As for the number of active users, Huobi recorded 284,494, followed by Binance (88,588 users). The third position was taken by OKEx with 40,413 users, followed by Bitfinex (12,435).

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.