Reported by Breck Dumas

Cryptocurrency crimes like hacking heists reached an all-time high in 2022, but new technologies using AI are cracking dow

Cryptocurrency crimes hit an all-time high last year as digital tokens’ popularity with criminals soared to a record, but the meteoric rise of artificial intelligence means there’s a new sheriff in town, and its reach is global.

Blockchain security firm AnChain.AI uses AI and machine learning to analyze blockchain transactions and identify suspicious behavior, including money laundering, insider trading and hacking. Its technology identifies security risks and vulnerabilities, assists in forensic investigations and helps companies stay compliant with industry standards.

AnChain.AI launched in 2018, focusing specifically on blockchain, Web3 and smart contract security, assisting both companies and the government in busting malicious online actors.

The tech company has been involved in several high-profile investigations, including the $100 million heist of U.S. crypto firm Harmony’s Horizon bridge last year and the $2 million “rug pull” that led to the first-ever indictment of NFT scammers. It has also contracted with the Securities and Exchange Commission (SEC) to assist in monitoring the decentralized finance (DeFi) industry.

AnChain.AI technology is used by the Financial Crimes Enforcement Network (FinCEN) to track whether companies are using blockchain to act as a money transmitter, and therefore should be complying with Bank Secrecy Act rules. It’s also used by the IRS’s civil and criminal divisions to give transparency to filers’ accounting for digital assets and investigate blockchain-enabled white-collar crime.

Read full report: https://finance.yahoo.com/news/crypto-criminals-beware-ai-060052300.html