The day of October 20 marks a rather important turning point in the history of cryptocurrency. This is the official launch of Naxo Labs, a cutting-edge company dedicated to crypto tracking. Good news for some and bad news for others!
Finally, tracking software available to individuals and businesses!
According to the press release relayed by PR Newswire, Naxo Labs will allow three notorious FBI figures to work together. These are Chris Tarbell, Tom Kiernan and Matt Edman who were instrumental in the arrest of Ross Ulbricht in October 2013. He is the founder of Skill Road, the famous online black market for drugs and weapons. Concealment of huge amounts of Bitcoin crypto is among the many charges against him.
Without providing specifics, Chris Tarbell pointed out that Naxo Labs would use extremely sophisticated and finicky software to trace and locate missing crypto. However, he specifies that the firm will work (of course) in close collaboration with the police. It will also help those who own crypto, but cannot access it. It would be more exactly to recover crypto funds locked on hard drives, for example.
Launch of Naxo Labs: what impact on the crypto market?
Naxo Labs is not the first company specializing in crypto forensics. However, it stands out for the solutions it offers. As explained by Chris Tarbell during his speech, the firm will not be content to follow funds on a blockchain. It will also provide a service to recover the crypto(s).
If we combine this event with the many actions currently being taken to regulate the crypto market, we can only admit one thing: the cryptosphere is moving on the right track.
Although officially announced only a few days ago, Naxo Labs already has federal agencies and law firms among its clients. She even works with the Department of Justice. Government contract records show an $8 million deal with Immigration Custom Enforcement (ICE).
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