For Bitrace, 2024 is also a year of leap forward.This year, we have been deeply involved in the Hong Kong market, helping local law enforcement agencies investigate currency-related crimes, and assisting regulatory authorities in better understanding of the crypto market; based on their understanding of the crypto crime ecology, we investigate public security incidents and provide damage-recovery services to hundreds of victims; Further improve the supervision, compliance and investigation tools product and service support based on AI and big data technology, so as to more accurately and efficiently identify and monitor risks and criminal activities on the chain.

Next, we will introduce these three keywords to you.

Hongkong

In 2023, Hong Kong launched the globally striking new Web3 industry policy, aiming to regulate the industry based on regulations such as anti-money laundering (AML) and combating the financing of terrorism (CFT). This plan has also been continued in 2024, following the release of VASPAfter the implementation of the license system, legislative activities for stablecoins, payments and VAOTC began.

As a Hong Kong local regulatory technology company, Bitrace has always maintained close cooperation with the Hong Kong government to provide support in areas such as law enforcement and supervision—

For law enforcement collaboration.Bitrace not only helped the Hong Kong police investigate many large-scale well-known currency-related cases, recover damaged assets for victims of related incidents, but also provided dozens of Crypto tracking and analysis training for law enforcement officers to enhance the on-chain analysis capabilities of the police force and betterCrack down on currency-related crimes;

For regulatory collaboration.Based on understanding of current common currency-related crimes and cryptocurrency money laundering industries, Bitrace provides leading regulatory tools and timely threats to regulatory authorities including Hong Kong Customs, Hong Kong Monetary Authority, Hong Kong Securities and Futures Commission, etc.intelligence to better monitor and prevent criminal activities and identify relevant criminal funds.

This has also gained wide recognition from the industry. This year, Bitrace was invited to participate in a number of large-scale financial technology forums in Hong Kong, and was selected as Invest HK Fintech “Must-know” 2024 with its advanced experience and innovative solutions in the field of Regtech..

Anti-fraud

This year, as the overall market value of the industry expanded and fraud-related criminal activities became more and more frequent. Bitrace also provided services to industry users and institutions as always, and achieved greater results.

Research on the industry of currency-related crime.Our engineers and investigators sort out and disassemble the current popular criminal methods and changing trends through real case investigations, open source network intelligence, field research, etc., and their geographical scope covers Hong Kong, Southeast Asia, mainland China, Taiwan, and Japan., South Korea and other countries or regions.Our work has been widely recognized by our peers and clients, and the United Nations also quoted Bitrace’s investigation results in two reports on Southeast Asia’s crime ecology released that year;

Help for victims of fraud incidents.Bitrace provides funding tracking and reporting guidance services to victims in more than 238 independent cases this year, with the direct amount involved exceeding US$150 million. In addition, Bitrace is also actively involved in the investigation of public security incidents, including DMM, DEXX, BingX and other institutions.In attack incidents, participate in tracking and intercepting funds in a timely manner.Based on this part of the work, we have written a large number of incident reports and anti-fraud popular science articles, and released the “Web3 Anti-fraud Manual” in the third quarter, which has been widely praised.

Regulatory Technology

In 2023, we launched regulatory technology tools and services including DeTrust on-chain risk fund monitoring and management platform, BitracePro cryptocurrency multi-party collaborative analysis platform, address fund risk audit, business address monitoring, etc. This year, we have expanded data on this basis.Scope and tools, service capabilities—

For data range.Bitrace not only adds canvas analysis and address fund risk audit support for dozens of other mainstream Layer1 and layer2 public chains based on the original Bitcoin, Ethereum, Tron Chain and Binance ecosystem chains.It also strengthens the risk labels of some categories of funds, including sanctions, CSAM, terrorist financing, etc.In addition, we also conducted research on the VAOTC format and mainstream stablecoin market in Hong Kong, and created a special data monitoring panel to help customers better understand the risk trends in the local industry;

For tools and service capabilities.Based on data and intelligence capabilities, Bitrace provides customized products and services to Hong Kong law enforcement and regulatory authorities to help them better perceive, identify and block risk events that occur locally, and also provides personalized services to several large Web3 entities.data packets and product components to help them improve the existing platform risk control system.

It is worth mentioning that the currently updated versions of Detrust and BitracePro tools are under internal testing, and we will provide more functions and services in the future, so stay tuned.

Written at the end

In the past year, Bitrace, like all those who love this industry, has witnessed the huge leap in the Web3 industry with joy. In the new year, we will forge ahead, live up to expectations, and bring to the industryMore trust and compliance.