SlowMist Unveils Advanced AML Serivces to Boost Compliance, Security, and Growth in the Web3 Sector

SlowMist
8 min readFeb 2, 2024

Amidst the burgeoning digital economy, the landscape of money laundering crimes has evolved with increasing sophistication, exhibiting tendencies toward cross-regional and cross-industry operations, specialization, and organized crime networks. The intricate and covert tactics employed by criminals present formidable obstacles to anti-money laundering (AML) initiatives. The prevalent issue of “information silos” hampers institutions’ ability to conduct comprehensive data analysis, thereby complicating the identification of cross-institutional money laundering syndicates and impeding effective digital asset tracking. In a strategic response to these challenges, we have executed a significant enhancement and rollout of our AML platform. This initiative is dedicated to advancing the detection of cybercriminal activities and bolstering the protection of users’ digital assets with greater efficacy.

While ensuring the security of digital assets, our AML services also provides professional services in multiple fields:

1. Web3 Industry: Promotes industry compliance, helps build trust, and protects businesses from financial crime.

2. Financial Institutions: Assists traditional financial institutions in enhancing their anti-money laundering capabilities in the cryptocurrency direction.

3. Regulatory Units: Helps in setting industry standards, establishing a safe market, and maintaining financial stability.

4. Compliance Departments: Aids in discovering and analyzing on-chain financial risks and preventing cryptocurrency-related crimes.

Having deeply engaged in the field of cryptocurrency anti-money laundering for many years, SlowMist has developed a complete and efficient set of solutions covering compliance, investigation, and audit, actively helping to build a healthy cryptocurrency ecosystem:

1. Compliance: SlowMist AML diligently ensures no affiliations with entities involved in financial crimes or under sanctions, adheres to and fulfills regulatory mandates, and conducts risk assessments across all wallet addresses and transactional counterparts within its ecosystem. Leveraging a sophisticated threat intelligence network, it captures up-to-the-minute information on hacking incidents and shifts in regulatory landscapes, enabling prompt and effective responses. Furthermore, it spearheads the formation of an anti-money laundering alliance, offering crucial data on hacker activities and facilitating the interception of illicit funds, thereby reinforcing the collective defense against financial crimes.

2. Investigation: SlowMist AML provides round-the-clock emergency support for theft incidents, engaging in detailed analysis, tracking, and interception of stolen funds. The service meticulously investigates any remnants or information left by hackers, with a keen focus on centralized exchanges, platforms, and wallet accounts, to create detailed hacker profiles. Additionally, it implements monitoring and blacklisting of addresses holding stolen funds, actively intercepting these funds. Through various strategies, SlowMist AML attempts to initiate dialogue with hackers, employing diverse tactics in efforts to persuade hackers to return the misappropriated assets.

3. Audit: Since its inception, SlowMist has provided compliance and security audit reports for multiple cryptocurrency exchanges, including HashKey Pro, which recently completed its application for a license in Hong Kong and has been recognized by regulators. The SlowMist security team, adhering to the latest requirements of HKSFC and the international standards of OWASP, and leveraging SlowMist’s security capabilities, has compiled a Checklist for HKSFC compliance security audits, ensuring that project parties meet HKSFC requirements while also adapting to OWASP international standards.

Relying on a comprehensive and integrated solution, we also offer the following products and services:

MistTrack KYT: Combines industry-leading blockchain smart analysis, an easy-to-use interface, and real-time API.

https://misttrack.io/

MistTrack Investigation: Provides a compliance investigation platform for wallet address analysis, fund monitoring, and traceability.

https://dashboard.misttrack.io/home

Malicious Address Database: The malicious address database is primarily developed by collecting, cleaning, and integrating data from various sources, coupled with artificial intelligence technology to extract accurate data from this vast dataset. It covers content from the dark web to hundreds of exchanges worldwide, providing comprehensive intelligence support for tracking hacker attacks and money laundering activities. It includes malicious wallet addresses for BTC, ETH, EOS, XRP, TRX, USDT, etc., with the number exceeding 100,000. Additionally, based on different user needs, it can be applied in scenarios like exchanges, wallets, or other asset management platforms to block money laundering activities during asset transfers, effectively helping users verify the origin of digital assets, fend off fraud, ensure the security of digital assets, and prevent hackers from transferring stolen amounts into platforms, thereby avoiding policy risks, disputes, and protecting the platform’s reputation.

https://aml.slowmist.com/malicious-address-library.html

Case Assessment: In the unfortunate event that your cryptocurrency is stolen, we extend complimentary community support for case assessment. Simply submit a form in alignment with our classification guidelines — whether your funds were stolen, scammed, or extorted. Please note, submissions should be made through the appropriate language platform: Chinese, please visit https://aml.slowmist.com/cn/recovery-funds.html English, please visit: https://aml.slowmist.com/recovery-funds.html

Moreover, the hacker addresses you submit will also be synchronized to the InMist Threat Intelligence Cooperation Network for risk control. It’s worth mentioning that, with the strong support of partners in the InMist intelligence network, SlowMist helped clients, partners, and publicly hacked events to freeze assets totaling over $12.5 million in 2023.

Case Tracking: Our service offers professional tracking capabilities, meticulously organizing the transfer paths of stolen funds, supplying adjustable proof information, and aiding law enforcement in solving cases. Specifically:

  1. Systematic Analysis: We methodically trace the movement of funds from the initial theft point to the hacker’s address, from there to any laundering addresses, and ultimately to either the remaining balance address or a transaction platform address. This detailed mapping allows for a clear visualization of the funds’ journey through various points.
  2. Real-Time Monitoring: Our system continuously monitors the laundering process of stolen funds, instantly adding new laundering addresses to our watch list as soon as the hacker initiates a new transfer. This ensures that no movement goes unnoticed and allows for swift action.
  3. Extensive Database: Leveraging a vast database of nearly two hundred million address tags that span across global mainstream trading platforms, our system promptly provides victims with crucial information such as transaction hashes and trading platform addresses the moment a hacker activates our feedback mechanism.
  4. Comprehensive Reporting: We generate detailed analysis reports that encapsulate the entire chain of stolen fund transfers, information on subpoena and freezing of assets on transaction platforms, details of the remaining balance addresses, and an overview of the laundering activities involved.
  5. Legal Assistance: In the event of a theft case being officially filed, our SlowMist security team aids law enforcement by facilitating contact with the transaction platforms involved for adjustable proof, enabling subpoenas and the freezing of the recharge addresses linked to the compromised transactions.

To date, our MistTrack investigation service has served over 90 clients, recovering assets totaling over $1 billion.

https://aml.slowmist.com/case-tracking.html

Case Report: Performs a one-time comprehensive analysis of on-chain asset theft cases and issues a case tracking report. The report typically includes:

1. Fund Transfer Visualization: Provides a comprehensive overview of asset transfer chains through an intuitive mind map.
2. Address Management and Security: Coordinates the identification and blacklisting of hacker and residual fund addresses within the transfer network, ensuring alignment with partner platforms.
3. Proactive Monitoring and Security Measures: Actively monitors and blacklists addresses holding residual funds to prevent unauthorized access.
4. Flexible Evidence Gathering: Streamlines the collection of KYC details by organizing addresses involved in fund transfers, such as exchanges and wallets, for enhanced proof verification.

Additionally, we not only provide analysis reports on the withdrawal and outflow of on-chain funds entering mixers like TornadoCash, Wasabi Coinjoin but can also issue specialized analysis reports on stolen on-chain funds according to client needs.

https://aml.slowmist.com/case-report.html

As a forefront blockchain security entity, SlowMist has extensively committed to threat intelligence over numerous years, cultivating a robust network for threat intelligence collaboration. Integrating artificial intelligence with the expansive datasets of blockchain, SlowMist persistently gathers both on-chain and off-chain data. To date, it boasts an impressive repository of over 300 million address tags, more than 1,000 distinct address entities, in excess of 400,000 pieces of threat intelligence data, and over 90 million addresses identified as posing potential risks. Moreover, SlowMist disseminates comprehensive security research reports focusing on anti-money laundering measures and the traceability of on-chain transactions. These reports cover critical subjects, including tactics employed by North Korean hackers and phishing syndicates, among others. These insights are readily accessible for in-depth examination under the #SlowMist AML Analysis initiative.

As of now, SlowMist AML has over 60 wallet app clients like imToken, BitPie, BitKeep, over 80 trading platforms such as OKX, Binance, Huobi, HashKey Pro, 15 asset custody platforms like Safeheron, Cobo, over 60 DeFi, more than 20 investment institutions, and over 40 other types of clients like ChangeNOW, SimpleSwap, etc.

We invite you to experience our services at no cost by visiting https://aml.slowmist.com](https://aml.slowmist.com

About SlowMist

At SlowMist, we pride ourselves on being a frontrunner in blockchain security, dedicating years to mastering threat intelligence. Our expertise is grounded in providing comprehensive security audits and advanced anti-money laundering tracking to a diverse clientele. We’ve established a robust network for threat intelligence collaboration, positioning ourselves as a key player in the global blockchain security landscape. We offer tailor-made security solutions that span from identifying threats to implementing effective defense mechanisms. This holistic approach has garnered the trust of numerous leading and recognized projects worldwide, including names like Huobi, OKX, Binance, imToken, Crypto.com, Amber Group, Klaytn, EOS, 1inch, PancakeSwap, TUSD, Alpaca Finance, MultiChain, and Cheers UP. Our mission is to ensure the blockchain ecosystem is not only innovative but also secure and reliable.

We offers a variety of services that include but are not limited to security audits, threat intelligence, defense deployment, security consultants, and other security-related services. We also offer AML (Anti-money laundering) solutions, Vulpush (Vulnerability monitoring) , SlowMist Hacked (Crypto hack archives), FireWall.x (Smart contract firewall) , Safe Staking and other SaaS products. We have partnerships with domestic and international firms such as Akamai, BitDefender, FireEye, RC², TianJi Partners, IPIP, etc.

By delivering a comprehensive security solution customized to individual projects, we can identify risks and prevent them from occurring. Our team was able to find and publish several high-risk blockchain security flaws. By doing so, we wish to help spread awareness and raise the security standards in the blockchain ecosystem.

💬Website 🐦Twitter ⌨️GitHub

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SlowMist

SlowMist is a Blockchain security firm established in 2018, providing services such as security audits, security consultants, red teaming, and more.