KYT is an acronym for Know Your Transaction. KYT checks allow you to understand whether the wallet address you are about to transact with is suspicious or clean.
KYT checks have traditionally been used by corporations, law enforcement agencies and institutions conducting inbound and outbound cryptocurrency transactions and high value investigations.
You may ask yourself – why does KYT matter? Cryptocurrency is cryptocurrency and money is money, after all. But here’s the thing, would you be okay with receiving funds related to illegal activities? Is it okay to send money to the address of a wallet that receives funds from the proceeds of phishing scams, terrorism or outright theft? Would you be happy to accept a payment from an address linked to, for example, child pornography or illegal drug deals?
These questions fall within the realm of ethics, which are the moral principles that guide our behaviour and actions. Some of us have strong ethical principles, while others are less inclined to do so. You may be thinking, ‘Ethics is ethics, so long as I get paid’. However, you may not have considered something very important: The risks inherent in dealing with unscrupulous participants are not without consequence and significant risk.
Cryptocurrencies rely on openness and transparency – which is why blockchains exist. We have an open ledger, meaning everything is accounted for and cannot be deleted or edited. Actions are recorded in digital stone, and the breadcrumbs of your activity associated with your wallet address are available for all to see for centuries to come.
Interacting with a suspicious wallet can cause significant reputational damage to your wallet addresses, and you will come under the scrutiny of law enforcement, leading to your addresses being blacklisted or worse – which will render you unable to transact with ease. While you can hide behind your anonymity (up to a point), from a practical point of view it will make selling and exchanging assets much more difficult. Therefore, ethics is important.
Savl is the world’s first Web3/cryptocurrency wallet that provides its users with the ability to KYT verify any wallet address on any blockchain and for any type of token.
All you have to do is go to the Services tab in the app and click on ‘Know Your Transaction’ to buy cheques at a price of between $0.90 and $2.20, depending on the volume of the purchase – a negligible price for peace of mind.
Next, run the transaction, copy and paste the wallet address when prompted into the address bar, and then you’ll be able to run the check. Once the verification is completed you will receive a low, medium or high risk rating and access a downloadable PDF report with detailed information.
If all Savl users do these checks, the ecosystem will be much safer and the likelihood of your assets being involved in unscrupulous activity will be greatly reduced – which benefits us all.
