AML Crypto team gave an interview to Startup Moldova and answered some important questions.

Startup Moldova: Describe your startup in one paragraph, 2–5 sentences. How do you want the public to remember you?

Vladimir Lazarev, fondator AML Crypto: We at AML Crypto are engaged in blockchain analytics, we are conducting investigations of crypto incidents, develop our own solution for AML (AntiMoney Laundering) and KYT (Know Your Transaction) with a visual graph of connections. This allows to make the blockchain much more transparent, understandable and fair.

Startup Moldova: What makes you special? What innovative solution does your startup suggest?

Vladimir Lazarev, fondator AML Crypto: Classic blockchain analytics solutions and well-known explorers provide information about transactions in an inconvenient tabular form. Billions of faceless wallet addresses, transaction hash functions don’t allow user to quickly answer even such important questions as:

What is the source of the origin of funds at a particular address?! Is it safe to interact with it? Will I have problems with blocking later if the owner of this or that address transferred the stolen assets to me?

Despite the transparency that is present in the blockchain, users who have become victims of scammers are deprived of a tool that allows them to quickly figure out where the stolen assets went and to understand through which exchanges the attacker is trying to launder the stolen funds. As a result, the victim doesn’t have time to notify the exchanges in a timely manner about the fact of fraud. In 2021, it is reliably known about the thefts for $10 billion. As a rule, stolen funds pass through transit addresses are exchanged for other tokens, and when converted into fiat funds, they dissolve through figureheads. The more time passes and the more steps the attacker makes, the less likely the victim is to return his funds. The speed of reaction and the timely notification of exchanges about stolen funds are important here.

Our solution allows you to analyze the flow of assets in a simple visual form, see the affiliated addresses of users, various services, and exchanges. Every day, our employees creates software algorithms and machine learning (AI) algorithms to mark up a large number of addresses. We calculate the risk-score considering the impact of each transaction. We study the schemes of scammers. But our work isn’t based on a reaction to this or that scheme, we try to build our work ahead of the curve, for this, we study hidden data patterns, stable patterns of user behavior and cluster addresses in blockchains.

Startup Moldova: Where did the idea of this startup come from, from what necessity?

Vladimir Lazarev, fondator AML Crypto: We come from analytics — we implemented analytical systems for the banking sector, insurance and manufacture. In the process of implementing these projects and many independent ones, we looked towards even bigger data, saw how skillful work with them gave rise to additional value. Blockchain and the behavioral characteristics of people prompted us to experiment with cryptocurrencies data.

We started building analytical dashboards and saw consistent patterns. And at some point they noticed that for most users, the blockchain isn’t transparent and not understandable. In a critical situation, ordinary users remain defenseless in the face of scammers. Professional players such as exchanges, investment funds also don’t always have the proper tools to combat money laundering. And with the growing attention from the state, they have regulatory risks. Having contributed to the attacker in laundering funds, without knowing it, you may encounter unnecessary attention from law enforcement agencies.

Startup Moldova: What difficulties did you encounter along the way?

Vladimir Lazarev, fondator AML Crypto: The main difficulty is the small number of qualified specialists in this field. That is why we had to build a system of internal training in blockchain technologies. Whether it is an HR specialist or an ordinary manager, they all know what farming, staking, launch pad, etc. are.

Startup Moldova: What is the target customer segment? Do you already have real clients? If yes, where?

Vladimir Lazarev, fondator AML Crypto: Our clients are blockchain projects, crypto exchanges, investment funds, crypto users. And in some moments, the state. All these segments have their own needs and we have something to offer to each of them. The first client was one private investment fund from a number of personal acquaintances. Further, our results began to speak for themselves. An important aspect is participation in conferences where we were invited as speakers.

Startup Moldova: Did you manage to attract investments into the startup? How? From whom?

Vladimir Lazarev, fondator AML Crypto: Our team is in no hurry to attract investments in the company. To date, we have a product in demand in a very promising niche, an effective team has been formed. In a year we will cost ten times more. We will attract investments later. We have enough money for rapid development. We monetize our solution, receive grants. For example, we received a grant of 400.000 usd from the blockchain project Everscale

Startup Moldova: Introduce us to the team

Vladimir Lazarev, fondator AML Crypto: The team currently includes 42 people. Working in small teams, our company is distributed around the world. When some groups fall asleep, others wake up and get to work. Every morning you see that while you were sleeping, the team has moved one step further. It’s really great. Any employee is a professional in his field, enthusiastically exploring the new opportunities that blockchain gives us. I could say something wonderful about everyone, but I think such interviews are not needed for this. I will introduce two people who are as visible as possible.

Lazarev Vladimir — advisor, ideologist and strategist. One day he speaks at a conference on data, the next day he can negotiate with a national bank in another country about using our tools for certain tasks.

Alekseev Nikita — СОО of the company. To rally the team, plan the implementation of a new feature, find a way to solve a non-trivial task, make sure that the work brings not only results, but also pleasure — this is all about him.

Startup Moldova: What growth and development plans do you have?

Vladimir Lazarev, fondator AML Crypto: The nearest plans are scaling. Increasing the staff, blockchain networks connection to the service, increasing the quantity and quality of our technologies and solutions. But in addition to the technological one, we plan to develop the media component as well — continue attending specialized conferences and exhibitions, increase the number of expert articles published on our behalf and use various advertising channels.