Daily Markup

Daily Markup #816: Merkle Science is building a secure, transparent, and compliant digital asset ecosystem with Tracker, and more from this week

August 25, 2023 · 3 min read
Photo credit: Merkle Science

Safety in numbers

  • According to a report by 500-backed crypto risk mitigation, compliance, and forensics platform Merkle Science, approximately USD 3.9 billion worth of cryptocurrencies were lost to hacks in 2022, over 47% higher than the previous year.
  • The team’s on a mission to create the infrastructure to enable the safe and healthy growth of cryptocurrency, and Tracker is one of the ways they’re doing it.
  • Tracker is an investigation forensics tool used by financial intelligence units, cyber firms, Web3 projects, and law enforcement agencies, amongst others. 
  • Designed with the aim of building a secure, transparent, and compliant digital asset ecosystem, users can access an array of analytics and visualization capabilities through its intuitive interface to track flow of funds and cryptocurrency transactions in real-time. Tracker also allows users to analyze transaction behavior and patterns to identify potential illicit activities, trace stolen funds, and conduct detailed DeFi-related investigations and forensics.
  • “Over the past year, the demand for tracking crime involving mixers, decentralized finance (DeFi), and non-fungible tokens (NFTs) has skyrocketed. Crypto crime, once synonymous with Bitcoin, now finds its epicenter in DeFi, rendering traditional blockchain investigation tools obsolete,” shared Mriganka Pattnaik, co-founder and CEO of Merkle Science.
  • By implementing Merkle Science’s predictive risk intelligence solution, Tokocrypto, a leading cryptocurrency exchange in Indonesia, managed to steamline its transaction monitoring process and improve its risk-based approach. 
  • Learn more here.
  • The Indonesian Financial Transaction Reports and Analysis Center (PPATK) has also recognized Merkle Science for its crucial role in promoting a secure and compliant crypto ecosystem.
  • Read the full feature here.

More from this week

  • Dinari raises US$7.5M to provide crypto natives & investors blockchain-backed access to stocks like Apple or Tesla
  • Grab introduces GrabFood Dine-in to bring users convenience and affordability when eating out with friends & family
  • WORQ partners with MDEC to turn Malaysia into the destination of choice for global digital nomads
  • ION Mobility’s M1-S set to be electric motorcycle highest local content in Indonesia; open for test rides and pre-orders
  • ANGIN launches first-ever ESG fellowship in Indonesia to educate entrepreneurs on sustainability and impact
  • Bibit teams up with Citibank to offer access to bonds market for smaller investors in Indonesia   
  • Horangi Cyber Security’s acquisition by Bitdefender has been completed; both companies are joining forces to protect businesses from cybercrime with an expanded portfolio of cybersecurity solutions and services 
  • Bukalapak posts a healthy $40.7M net profit  and 30% revenue increase in Q2 
Weekly Roundup
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