Bonanza Factory, a fintech company providing Korean won deposit and withdrawal services to domestic virtual asset exchanges, announced on the 22nd the launch of ‘TranSight,’ a service that can prevent virtual asset-related crimes in advance.
TranSight analyzes transactions between virtual asset wallets and determines the criminal association and risk level of specific wallets. Based on big data and artificial intelligence (AI), it detects wallets indirectly involved in illegal activities and also offers functions to block entities subject to national sanctions as well as unauthorized exchanges. Through this, it is expected to enable the prevention of crimes using virtual assets such as ▲drug trafficking ▲illegal pornography distribution ▲cyber gambling ▲romance scams.
Bonanza Factory unveiled 'TranSight' at the international anti-fraud conference hosted by the Korean National Police Agency last year, with participation from 18 countries including the United States and the United Kingdom. [Photo by Bonanza Factory]
TranSight is an investigation agency-tailored solution unveiled last year at an international fraud prevention conference hosted by the Korean National Police Agency with participation from 18 countries including the United States and the United Kingdom. The company is preparing to provide the service to major countries and overseas institutions.
Kim Young-seok, CEO of Bonanza Factory, stated, “With the addition of TranSight to the Korean won deposit and withdrawal verification solution ‘TranSafer,’ which has been a major service for virtual asset exchanges, we can protect financial consumers throughout virtual asset transactions and create a sound investment environment. We plan to continue our efforts to expand a healthy virtual asset ecosystem.”
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