Terbium Labs and Skry Team Up to Enhance Detection of Bitcoin Fraud

The integration aims to minimize the damage of blockchain fraud by reducing the delay time between compromise and detection.

Cybersecurity startup Terbium Labs has partnered with Skry (formerly Coinalytics) to provide insights to financial institutions, law enforcement and Bitcoin companies looking to detect fraud and investigate criminal activity conducted using products built on Bitcoin and other blockchains.

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The partnership will allow users of Skry’s platform to use Terbium Labs’ flagship offering, Matchlight, to monitor nearly 4 million Bitcoin wallet addresses (public keys) that appear on the web, as well as the hidden and anonymized parts of the Internet, commonly called the “Dark Web”. Dark Web is a hidden layer of the Internet where criminals often conduct illegal transactions.

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Matchlight technology continuously searches hundreds of seed links for sensitive data and intellectual property, in this instance Bitcoin public keys, notifying the user within minutes if his information appears.

According to the integration agreement, Matchlight will eventually map a significant portion of the entire Web to alert Skry’s users to the appearances of compromised or stolen data related to their Bitcoin wallet addresses, triggering further data aggregation and processing steps to provide critical associative information.

While Bitcoin and similar blockchain products are always under attack from sophisticated persistent threats, the online thieves often take less than a day to start selling the stolen data in the darker corners of the Internet. But since the signs of such attacks are hard to distinguish, the victim often detects the breach too late. As such, the new agreement aims to combat the blockchain fraud, or at least minimize the damage, by reducing the delay time between compromise and detection of data leaked to the web.

Commenting in a statement, Tyler Carbone, Chief Operating Officer of Terbium Labs said: “We are pleased to collaborate with Skry in their efforts to safeguard digital currencies and preserve the demand for enhanced privacy in public ledgers. Terbium’s unique approach to dark web monitoring gives Skry customers the crucial data needed to advance an investigation, mitigate risk, and combat fraudulent or criminal activity quickly.”

“We are excited to work with Terbium Labs and enrich our platform with data from the dark web. Making Terbium Labs’ exceptional technology part of Skry’s blockchain intelligence platform will unlock unprecedented insights and provide critical information to our customers,” added Fabio Federici, CEO of Skry, Inc.

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