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CipherTrace is a US-based cryptocurrency intelligence company founded in 2015, specializing in anti-money laundering (AML) compliance and blockchain forensics. Its core product is a compliance monitoring and investigation platform that uses proprietary clustering algorithms and a global intelligence network to perform risk scoring and address attribution for on-chain transactions, helping banks, regulators, and law enforcement identify illicit fund flows. The platform supports tracking thousands of crypto assets including Bitcoin and Ethereum, and provides visual transaction graphs, entity profiles, and sanctions list screening. Its data sources cover darknet markets, mixers, and known criminal addresses, aiming to reduce financial crime risk and meet regulatory requirements such as FATF recommendations.
Team
About CipherTrace
CipherTrace is a cryptocurrency intelligence company focused on anti-money laundering (AML) compliance for digital assets. Its core business helps exchanges, banks, and law enforcement trace suspicious crypto transactions and assess risk before funds move on-chain.
The market pain point it addresses is the pseudonymous nature of blockchain, which criminals exploit for laundering, ransomware payments, or fraud. CipherTrace solves this by providing transaction monitoring tools that score risk in real time—even before a Bitcoin transaction is confirmed by miners. This early warning system protects users from stolen or ransomware-linked funds.
Its competitive edge lies in combining blockchain forensics with regulatory-grade compliance workflows, plus its TRISA information-sharing protocol that helps institutions exchange KYC data securely under FATF travel rules. Being part of Mastercard's ecosystem also gives it access to traditional payment networks.
In the past six months (March–September 2026), CipherTrace has focused on expanding its risk-scoring capabilities across more blockchains and integrating with decentralized finance platforms. It also continued supporting law enforcement investigations, though specific cases remain confidential.
One notable negative: after Mastercard's 2021 acquisition, the company faced integration challenges and some client attrition during 2024–2025 as corporate priorities shifted. However, its core AML tools remain widely used in the industry.
CipherTrace was founded in the United States in 2015, focusing on cryptocurrency anti-money laundering and on-chain forensic analysis. In 2019, it completed a $15 million Series A round led by Aspect Ventures with participation from Galaxy Digital, accelerating international expansion and product development. In 2020, in collaboration with the U.S. Department of Homeland Security, it developed the first Monero tracing tool, providing law enforcement with visual analysis of privacy coin transactions and significantly enhancing regulatory oversight of darknet illegal activities. In June 2021, it raised $27.1 million in a Series B round, bringing total funding to $42.1 million. In September of the same year, it was acquired by Mastercard, integrating its digital asset compliance capabilities with the payment network's security solutions and promoting the mainstream adoption of crypto assets. These milestones established CipherTrace's technical leadership in blockchain forensics and compliance, making it a key part of industry infrastructure.
David Jevans is the CEO and co-founder of CipherTrace. He is a serial entrepreneur with extensive experience in crypto, security, blockchain analytics, and fintech. He founded CipherTrace in 2015, and previously founded encryption companies Receipt.com and IronKey. He holds 26 U.S. patents, mainly in cybersecurity and cryptography. He is an industry expert on blockchain security and internet fraud, and has advised Congress on these topics. In 2019, he became the first Bitcoin expert witness recognized by a Canadian court. He became involved in cryptocurrencies in 1999, closely tracking early innovators like DigiCash and e-gold. He served on Apple's CEO technology council and held senior management positions at security companies like Tumbleweed Communications and Teros. He is also the chairman of the Anti-Phishing Working Group (APWG).