Ukraine is under the threat of war; however, there are still some workers who are capable of creating the best technologies. One startup hailing from the region has reported working on a new project related to the cryptocurrency sector.
The firm named HAPI Labs has issued a media brief about a new technology that can be used to detect any cryptocurrency wallets that are under the use of threat actors and scammers.
The firm is working in tandem with the cyber police of Ukraine, and it is aiming to automate the process of isolating digital currency wallets that are under the use of criminals. This project has been named Scamfari OSINT, and it is currently operating in beta mode.
The noteworthy aspect of this project is that it makes use of smart contracts and AI technology to detect and isolate the cryptocurrency wallets that are associated with threat actors.
The New Project will Help Police to Intercept Threat Actors and Crypto Scammers
At present, there is a perception in the cryptocurrency markets that once any amount of money has been stolen from a wallet, it can never be regained. The nature of the cryptocurrency market and wallets ensure that law enforcement agencies can detect the defectors and take steps to recover the stolen funds.
However, the new technology developed by HAPI Labs is backed by the police department of Ukraine. They plan to use this technology to identify wanted perpetrators and freeze the account until the investigation is completed.
This technology can be used to seize the funds of users who are suspected of conducting scams, violating legal requirements, or engaging in any other type of financial crime. HAPI Labs has reported that it has made use of decentralized application tools to merge with cyber security protocols.
To check the product, the firm ran a two-week-long simulation where they asked people to submit details about any suspicious wallet addresses.
HAPI Labs has used their technology to locate pro-Russian wallets during their campaign and have reported the informers with HAPI tokens. The developers in Ukraine have designed the product in a manner that anyone can use it.
The users must sign up for the project using a Telegram bot, and they can fill out a form to submit their digital wallet address with screenshot proof of the suspicious address. These reports are reviewed by staff members at HAPI Labs, who check them manually and can either blacklist or reject them.
The verified informers can get rewards in the form of a HAPI token that is trading for $13 per unit at press time. The head of this project, Mark Letsyuk, has claimed that this project may be able to help out some citizens who have lost their jobs as a result of the war.
He shared that the firm is currently debating about replacing token rewards with stablecoins. He told media that thus far, 15,000 addresses have been submitted for review since its launch and have plans to integrate the detection part with ChatGPT-4.
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