AI-Powered Anti-Money Laundering Tool to be Demonstrated for the First Time Publicly at ACFE Fraud Conference
VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG”or the“Company”), a diversified blockchain and cryptocurrency company, announced that it is now offering its Walletscore anti-money laundering (AML) tool, at no charge through November 15, 2018, at dmgblockchain.com/walletscore/.
Walletscore is the industry’s pre-eminent solution for combating money laundering on the Bitcoin blockchain. DMG will be demonstrating Walletscore publicly for the first time at the ACFE Fraud Conference in Ottawa on October 28-31. DMG’s Director and COO, Sheldon Bennett, a Certified Fraud Examiner, will also be speaking at the ACFE conference.
With a surge in 2018 crypto exchange thefts, most notably $500 million stolen from Coincheck, risks for cryptocurrency money laundering are increasing. As bitcoin mixing and gambling sites have become magnets for money launderers, in order to combat them, newly elected DMG Director and CTO, Danny Yang noted, “We have brought to bear the most advanced artificial intelligence and machine learning techniques along with years of experience combing public blockchains to deliver world-class analytics capability.”
Walletscore verifies the riskiness of transacting with any Bitcoin blockchain wallet address and can help exchanges and payment platforms prevent tainting their funds and have in place robust tools as part of a holistic AML methodology that anticipates future regulation. Walletscore gives a measure on the transactions connecting any bitcoin address to potentially disreputable networks. The calculations look at transactions several generations in different directions and then apply a weighting that captures the proportion of tainted cryptocurrency flowing through the transactions.
As DMG has significantly expanded its developer team since the beginning of the year with recruitment of some of the best and brightest data scientists in Silicon Valley, it has built one of the most sophisticated analytics tool suite for use with cryptocurrency compliance and investigations. DMG’s tool suite includes the industry gold-standard Blockseer graph intelligence tool, along with Walletscore and a soon to be released real-time transaction monitoring capability for Ethereum transactions. DMG intends to make continued upgrades to its analytics capabilities and user interfaces while expanding supported blockchains, including Bitcoin Cash and those based on ERC-20 tokens.
DMG CEO, Dan Reitzik stated, “We are excited about how far our Silicon Valley team has come this year under the DMG umbrella, enabling it to deliver one of the most advanced tool suites in the industry. In addition to Blockchain Analytics, our team has also been the catalyst for launching DMG’s related Enterprise Blockchain Platform strategy with the recent announcement of an agreement with IBM to jointly develop and deploy blockchain-based, global supply chain management solutions.”
The Company also announces that in November 2017 it entered into a contract with John Martin for $5,000 per month for the provision of investor relations services. This contract was for a one-year term and is then continued on a month-to-month basis.
-------------------------------------------------
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Direct: 778-868-6470
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, Walletscore, product development, events, acquiring new customers, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.