So far in the bull market, the train is still advancing rapidly, and accidental braking has not affected the fundamentals of the bull market.
As long as you don't do short selling, you can live in the palace every day.
Although we talk about "safety", "compliance" and "future" in the bull market, many big guys who count money every day will dismiss it.
However, in the bull market, be prepared for danger in times of peace, and what you earn is yours.
Looking back on the last round from bull to bear, there will always be some security incidents.
For example
-High-pressure policies of various countries [China and the United States]
-A series of events caused by black and gray funds [Multichain]
-The thunder of CEX or staking giants [JPEX/FTX/Luna]
How to prevent and avoid it?
KYT is the abbreviation of Know Your Transaction. KYT is a process used by financial institutions to monitor and track whether there is fraud or suspicious activities in financial transactions. KYT can help financial institutions identify the source and destination of each transaction, assess transaction risks, take appropriate measures, and report suspicious transactions to regulators.
KYT is different from KYC (Know Your Customer) commonly used in the traditional financial field. KYC focuses on the customer's identity information and the static identity of a specific individual/institution, while KYT focuses on the customer's dynamic transaction process.
In recent years, crimes involving virtual currency, such as cybercrime, coin absconding, phishing scams, and dark web transactions, have become common. The encryption and anonymity of virtual currency provide a technical "lawless place" for many illegal traders. In the first half of 2022 alone, the amount of money laundering through virtual currency worldwide reached US$2 billion.
Statistics show that money laundering, fraud, pyramid schemes, and gambling are the four most common forms of virtual currency crimes in 2022, of which 54.72% of virtual currency crimes are related to money laundering and 21.13% are related to fraud.
The Chinese government does not like virtual currency, and a very important reason is that it has been abused by bad people.
The so-called technology for good. In order to avoid the bad effects of virtual currency and prevent crimes related to virtual currency, regulators and industry organizations are constantly working hard to make progress. One of the very important ways is KYT.
Therefore, KYT has become a very important part of compliance and RWA. Regulators need data analysis tools to monitor the platform, and web3 trading projects such as exchanges and custodial wallet companies need tools to help identify risky addresses and risky assets.
On December 7, 2022, the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong to implement the licensing system for virtual asset service providers which will come into effect on June 1, 2023.
Currently, the following are the most necessary objects to use KYT. You can check whether the products you are currently using have completed KYT to avoid falling into the risk of JPEX again.
Exchange KYT [CEX/DEX]
Custodial Wallet/Decentralized KYT
Payment tool KYT
Fundraising project KYT
DePIN project party [Purchase machine] KYT
They have one thing in common: they have some overlap with traditional industries.
The breakthrough of the blockchain industry also requires a breakthrough in traditional industries.
Currently, companies that are doing KYT in the industry include Chengdu Lianan Beosin.com, Slow Mist, etc.
Orange Cat is providing KYT services for some institutions and companies. Welcome to consult
First of all, the price of purchasing orange cats is definitely below the market average.
Fans who are familiar with Orange Cat know that because Orange Cat often strolls around Hong Kong, he is well aware of the importance of KYT in the entire industry, and the future trend of the entire industry will definitely require more than two KYT, RWA, DEPIN, and compliance.
At present, Orange Cat has already
Hashkey - Hong Kong Compliance Exchange
cobo——Hosted wallet
If you have any cooperation, you are welcome to communicate and cooperate at any time to understand the case.
