With rising concerns over crypto-related crimes, Sui Foundation’s new partnership with Chainalysis seeks to reinforce trust in the network by actively monitoring illicit activities.
The Sui Foundation, the non-profit organization responsible for the development and expansion of the Sui network, has partnered with blockchain analytics firm Chainalysis to enhance on-chain compliance and security across its ecosystem.
According to a Thursday announcement, the collaboration designates Chainalysis as a key monitoring entity within the Sui network, tasked with detecting fraudulent activities and other malicious threats.
Enhancing Security Through Data Monitoring
As part of the agreement, Chainalysis will be ingesting addresses to identify illicit activity, leveraging insights from the Sui Guardian program—an initiative launched last year to provide critical security tools for detecting scam projects and other unlawful actions.
By integrating with the Guardian program, the blockchain firm will actively monitor on-chain transactions, ensuring higher compliance standards across the Sui ecosystem.
Chainalysis highlighted that this collaboration would provide significant benefits to its customer base, which includes many of the largest crypto exchanges. According to the firm, the unnamed platforms will gain deeper insights when conducting risk assessments on Sui-based transactions.
The move aims to bolster trust within the Sui network by increasing transparency and security.
The blockchain analytics firm further emphasized that the new partnership marks the beginning of a long-term commitment to supporting Sui. Moving forward, Chainalysis plans to expand its investment and resources to enhance Sui’s compliance framework and strengthen its investigative tools.
Crypto Crime on the Rise Despite Strengthened Security
Meanwhile, the latest partnership between Sui Foundation and Chainalysis comes at a time when the crypto sector continues to grapple with a rise in cybercrime, particularly phishing scams and fraudulent schemes that target unsuspecting users.
In January, Chainalysis reported that global crypto-related crime generated $40.1 billion in illicit proceeds, a decline from the $46.1 billion recorded in 2023 but still a significant figure.
On January 10, the New York Attorney General Letitia James revealed that fraudsters stole millions of dollars from individuals seeking remote job opportunities within the city.
James said she had taken legal action to recover over $2 million that was allegedly stolen from residents of New York and other parts of the country by the scammers.
“Deceiving New Yorkers looking to take on remote work and earn money to support their families is cruel and unacceptable. Scammers sent text messages to New Yorkers promising them good-paying, flexible jobs only to trick them into purchasing cryptocurrency and then stealing it from them,” she said.
Earlier today, Scam Sniffer reported that crypto phishing scams on Telegram have surged by over 2,000% since November 2024, signaling a shift toward more advanced malware-driven tactics.
According to data shared on X (formerly Twitter), these attackers use various methods, including requesting users to verify their accounts via OfficiaISafeguardBot.
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