Quicknode

June 2, 2023 — 6 min read

For this Feature Friday, we had the privilege of speaking with Keywolf, co-founder and head of the product team at SlowMist, the innovative minds behind MistTrack. Keywolf shared insights on MistTrack's mission to combat money laundering in the cryptocurrency landscape through advanced blockchain analytics. With their cutting-edge tracking system, MistTrack offers unmatched reliability, performance, and analytical tools for risk assessment and transaction tracking.

MistTrack has experienced remarkable growth, forming partnerships with law enforcement agencies, financial institutions, and Web3 teams globally. Their dedication to enhancing transparency and security in the crypto-sphere has propelled them to the forefront of the industry.

Learn more about MistTrack.

Get the MistTrack Add-on from Quicknode Marketplace! Easily access wallet address labels and risk scores, leveraging SlowMist’s robust Anti Money Laundering (AML) data and security expertise.

Q&A with MistTrack 👇

Could you introduce yourself by sharing your name, prior experience, and current role within your company? Additionally, please briefly explain your company's mission and what it offers to its customers.

I am Keywolf, co-founder and head of the product team at SlowMist. MistTrack is a creation of SlowMist. With roots in computer science and finance, I have dedicated my career to creating technologically sophisticated solutions to secure the financial landscape.

MistTrack's mission is to leverage the power of blockchain analytics to combat money laundering in the cryptocurrency landscape. Our first offering is a cutting-edge tracking system that offers unmatched reliability, performance, and analytical tools for risk assessment and transaction tracking.

How has your company grown and changed since its inception, and what do you have planned for its future?

Despite launching MistTrack during a challenging market period, we have experienced phenomenal growth over the last year. We are privileged to be working with elite organizations in law enforcement, financial institutions, and Web3 teams globally.

Our team is tirelessly striving to enhance and refine MistTrack by infusing it with innovative solutions and features. At present, our users can efficiently trace assets across significant blockchain networks such as BTC, ETH, TRON, among others, and explore hundreds of tokens within our platform. We remain dedicated to broadening our coverage by continuously integrating support for additional chains and networks.

In the world of web3, what are some of the most prominent trends you are currently observing? Which ones do you believe will gain momentum in the coming years?

Within the web3 landscape, Decentralized Finance (DeFi) stands out as an influential trend that is transforming financial systems. By eliminating intermediaries, DeFi offers open, permissionless, and secure financial services accessible to anyone. This innovation democratizes finance, bringing unprecedented inclusivity and equality to the financial sector.

However, the rapid expansion of DeFi has also presented a crucial challenge: the need for effective Anti-Money Laundering (AML) solutions. As DeFi platforms operate in a decentralized, often anonymous environment, they can potentially be exploited for illicit activities. Consequently, there's an increasing need for robust AML solutions that can detect, prevent, and report potential money laundering activities in DeFi. These solutions would help DeFi projects remain compliant with regulations while maintaining the ethos of decentralization.

Looking forward, we can anticipate the continued growth and evolution of DeFi. Simultaneously, the demand for advanced AML solutions will rise, creating a safer and more trustworthy DeFi ecosystem.

What inspired you to develop MistTrack, and how did you conceive of the idea?

Our inspiration to build MistTrack was driven by the escalating challenge of money laundering in the crypto-sphere. Drawing on our experiences in web2 data infra and analytics, we realized the pressing need for advanced tracking technology to curb these illicit activities.

We also received numerous pleas from victims who've suffered losses in the cryptocurrency industry, significantly impacting their lives. Often, they find themselves at a loss, unsure of how to deal with situations such as wallet theft and unaware of how to recoup their losses.

After studying the landscape, we decided to take action. We're launching a user-friendly cryptocurrency tracking platform, empowering every user with anti-money laundering and funds tracing capabilities. This step is a testament to our commitment to making the cryptocurrency world safer and more accessible for all.

Can you provide insight into MistTrack's progress by sharing any metrics or milestones indicating its traction?

Reflecting on MistTrack's journey, we take great pride in announcing that since our inception, we've successfully recovered over $1 billion in assets and facilitated the resolution of more than 100 cryptocurrency money laundering cases. In addition to these milestones, our safety education initiatives have drawn an overwhelmingly positive response. Efforts like our "Zero Transfer Scam" expose, analyses of wallet-draining schemes, and insightful articles have been pivotal in raising awareness and imparting knowledge to countless individuals. Through these endeavors, we continue our commitment to cultivating a safer and more informed cryptocurrency environment.

Can you provide insight into the target market for MistTrack and what types of clients you work with?

Our clientele ranges from investigative authorities seeking to crack down on illicit financial activities, to financial institutions striving to maintain regulatory compliance, and Web3 development teams seeking to bolster the security and transparency of their platforms.

Given the increasingly stringent regulatory landscape, knowing the origin of funds has become a critical requirement for compliance. Especially in the DeFi space, understanding the fund's trajectory is imperative for not only tracking potential money laundering activities but also for validating the legitimacy of transactions. MistTrack enables our clients to trace the lineage of funds across blockchain networks, ensuring that they maintain compliance and uphold the highest standards of financial integrity.

Our goal is to provide these organizations with an advanced tool that brings clarity to complex blockchain transactions, facilitates a deeper understanding of fund sources, and empowers them to take informed actions in an increasingly decentralized financial landscape.

What excites you most about the partnership with Quicknode?

Our alliance with Quicknode represents a substantial advancement for MistTrack, and here's why we're particularly enthused about this union:

Strategic Collaboration: This partnership enables us to make MistTrack's API readily available on Quicknode's platform. This strategic collaboration enhances the overall user experience by allowing them to seamlessly access our database through Quicknode's robust infrastructure. It's a synergistic integration that enriches both our offerings, effectively bringing together the best of both platforms.

Extended Partnership Impact: Quicknode's widespread user base represents an invaluable opportunity for MistTrack to broaden its influence in the domain of blockchain transaction tracing. Together, we aim to support a larger audience that requires our advanced AML solutions, thus fostering safer and more compliant practices across the blockchain ecosystem.