Dapper Labs Uses Chainalysis To Fight NFT Money Laundering

NFT developer Dapper Labs has agreed to a long-term partnership with blockchain tracing company Chainalysis to detect and prevent non-fungible token money laundering (NFT) and market manipulation, Chainalysis announced Thursday.

Dapper Labs will use Chainalysis’s Know Your Transaction (KYT) and Reactor compliance tools, which report suspected criminal activity and enable further investigation of those transactions, respectively. Dapper expects illicit activity to escalate as NFTs are adopted by the general public.

“NFTs are one of the most exciting spaces in cryptocurrency, but they will only be successful in the long run if we can ensure a safe environment for our customers,” said Naeem Bawla, Associate Director of Compliance. at Dapper Labs, in a statement. Release. “We are delighted to partner with Chainalysis to keep potential bad players out of our platform, combat money laundering and, at the same time, stay on top of the evolving local and global regulatory and compliance space. fast. “

Dapper’s deal with Chainalysis follows Dapper’s announcement of a $ 250 million funding round at a valuation of $ 7.6 billion in September.

Read more: Leaked slides show how Chainalysis reports crypto suspects to cops

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