Grant Thornton Affiliate Taps CipherTrace to Better Track Cryptos Used in Cybercrimes

Catallaxy, an affiliate of Grant Thornton, is tapping CipherTrace to better track cryptocurrencies that might have been used for illicit purposes.

AccessTimeIconJun 11, 2020 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 8:50 a.m. UTC

A blockchain consultancy affiliated with accounting giant Grant Thornton is teaming up with CipherTrace to better track cybercrimes.

Catallaxy, a subsidiary of accounting firm Raymond Chabot Grant Thornton, which itself is a member firm of Grant Thornton International, announced the partnership with the cryptocurrency intelligence firm on Thursday. In a press statement, the company said it would be the first time its auditing solution could directly ingest data from a blockchain analysis firm.

“This new relationship, which combines leading experts in cryptocurrency, blockchain and auditing, creates the next level of innovation in bringing investigative tools to the market,” said Stephen Ryan, COO of CipherTrace, in an emailed statement. 

According to the statement, the joint solution developed by Catallaxy and CipherTrace would also allow investigators and auditors to attribute transactions to high-risk blockchain entities and international virtual asset service providers. Investigators will also be able to identify cryptos transacted through darknet markets or that are the proceeds from crimes like ransomware attacks, thefts and other illicit activity. 

“Investigators working for financial market authorities and various police enforcement groups require tools that cross the bridge between blockchain ledgers and other relevant content out there,” said Michel Besner, Managing Director at Catallaxy. 

In response to emailed questions, Catallaxy said that the primary target market for products developed under this partnership would be entities, “looking for a deeper analysis of their own digital asset transactions,” or firms looking to improve their Know-Your-Customer (KYC) and Anti-Money Laundering procedures. 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.