Wednesday, August 10, 2022

    Huobi Launches “Z-Labs” with Anti-Money Laundering Capabilities to Enhance Blockchain Security

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    Huobi Group, a world leading blockchain and cryptocurrency infrastructure provider, announced last week the launch of its “Z-Labs,” a research division that focuses on cyber-security defensive firewall, on-chain intelligence analysis, and risk control. Composed of experts in the fields of security, risk control, and compliance, Z-Labs aims at better identifying and preventing crypto-crimes such as anti-money laundering and fraud that are conducted within the blockchain space.

    Blockchain technology, represented by crypto assets, has seen a wide range of applications in various industries in recent years due to its features with some primary ones including decentralization and immutability.

    Criminals, however, have also begun to conduct fraud, money laundering, and online theft by leveraging blockchain’s unique characteristics such as, anonymity, multi-party and multi-asset platform, which can greatly endanger the security of blockchain users and investors.

    As one of the earliest companies in the world to explore the blockchain field, Huobi started the research and application of on-chain tracking analysis as early as 2018. In 2019, Huobi launched the Star Atlas on-chain tracking system.

    Currently, the system has accumulated over 1 billion information data on security intelligence, on-chain and event analysis. The number of identifiable addresses has exceeded 150 million, helping users to quickly track and position assets on the blockchain. Among these addresses, more than 200,000 addresses have been tracked and identified by Z-Labs as malicious behaviour such as anti-money laundering, fraud, coin shuffling, dark web, and more.

    Huobi has established Z-Labs in order to maintain the orderly operation of the blockchain network and protect the interests of users. By combining Star Atlas’ cutting-edge tracking system and Huobi’s long standing experience in the blockchain security field, Z-Labs will continue to provide users with more professional technologies, products and services.

    “As a leading enterprise in the blockchain industry, Huobi is duty-bound in building a friendlier and safer industry environment,” said a spokesperson from Z-Labs. “The lab will focus on the security technology traceability area and the ability to resolve on-chain address. This would help construct a full-scenario security management solution oriented to multiple aspects such as security or business.”

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