- The app identifies anomalies that can expose funds to fraud or scams
- It support checks for the top 15 blockchain networks
In 2021, a staggering $14 billion was lost to crypto scammers. While top-tier tokens like Bitcoin and Ethereum have revolutionized the digital assets market, scammers are significantly hampering the credibility of the DeFi industry.
With the enormous amount of dirty crypto circulating, users are constantly at risk of losing their assets. The increased prevalence of money laundering through crypto puts DeFi under severe regulatory scrutiny. Crypto money laundering increased by nearly 30% this year.
An AI-driven solution to crypto scams
In this regard, a new product has been launched to secure crypto users from losing their assets. Wallet Checker app uses its integrated AI functions to check assets and transactions in real time, Bankless Times learned from a press release.
The app also identifies anomalies that can potentially expose funds to fraud or scams. Wallet Checker is available for IOS and Android. The wallet checker app will have automatic AML integrated, meaning that it checks wallet addresses upon user request for risk assessment.
The app will also provide a risk score based on the assessment. It's a simple and fast way of checking wallet addresses for risk factors.
Zlata Pokutnia, CMO at Wallet Checker explained:
We see how actively the cryptocurrency market is developing, so we created a simple, easy-to-use product based on the concept of crypto hygiene.
The user can just enter a wallet address and see its risk score in seconds. The search algorithm tracks the sequential sources of transactions to check whether it's arriving from a suspicious source.
Users can also access the full assessment report, which will display how risks are projected based on 25 different parameters. The app will primarily support checks for the top 15 blockchain networks, such as Ethereum, Solana, Bitcoin, Cardano, and Tron.
Moreover, the Wallet Checker app will have an affordable payment structure. It offers five free checks for new users. After that, users can choose one of the packages based on the number of transactions. The price of a single check starts from $ 1.
Associating funds with clean sources
Transacting with fraudulent wallets not just exposes you to potential risks of losing your assets, but it can also comprise you to regulatory issues. Exchanges can potentially block your transactions or freeze your assets if it's linked with any malicious sources.
Wallet Checker app can help to ensure that your funds are only associated with clean and credible sources, not with any illegal activities. It's a one-stop solution for avoiding crypto scams and money-laundering projects.
About Wallet Checker
Wallet Checker aims to make crypto circulation more transparent and safer, thus creating an input into digital assets' mass adoption. The team of the project is the same one that created AMLBot.
The company offers a full range of digital asset tracking for individuals and businesses. Since 2019, they have prevented money losses of a total of $65,000,000.
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