KYT is the acronym for Know Your Transaction. KYT checks enable you to understand if 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 large-value inbound and outbound crypto transactions and investigations.
You may ask yourself — why does KYT matter? Crypto is crypto, and money is money, after all. But here's the thing, would you be OK receiving funds linked to illegal activities? Is it OK to send money to a wallet address that receives funds from the proceeds of phishing scams, terrorism, or outright theft? Are you happy to take payment from an address associated with child pornography or illicit drug deals, for example?
These questions are matters of ethics which are the moral principles guiding our behavior and conduct. Some of us are driven by strong ethical principles, while others are less inclined. Maybe you're thinking, ethics schmethics, what do I care as long as I get paid? However, you might not have factored in something quite important: the inherent risks of transacting with bad actors is not without consequences and significant risk.
Crypto relies on being open and transparent — this is why blockchains exist. We have an open ledger meaning everything is accounted for and cannot be deleted or edited. Actions are set in digital stone, and breadcrumbs of your activities linked to a wallet address are readily available for all to see in perpetuity.
By interacting with a suspicious wallet, the reputational harm to your wallet addresses can be significant and place you firmly on the radar of law enforcement agencies and lead to your addresses becoming black-listed or worse — which will prevent you from being able to transact easily. Although you can hide behind your anonymity (up to a point), from a practical perspective, it will make selling and exchanging assets much harder. Ethics, therefore, matter a great deal.
Savl is the first Web3/crypto wallet in the world to give its users the ability to run KYT checks on any wallet address across any blockchain and token type. All you need to do is go to the Services tab in the app and tap 'Know your transaction' to buy checks for between $0.90 - $2.20, depending on your purchase volume - a fractional price to pay for peace of mind.
From there, proceed with a transaction and copy and paste the wallet address when prompted into the address bar, and the option to run a check will appear. Once the check has concluded, you will receive a low-, medium-, or high-risk assessment and have access to a downloadable PDF report with further details.
If all Savl users run these checks, the ecosystem becomes much safer, and the likelihood of having your assets entangled with nefarious activities is significantly reduced - a win-win for us all.
Thank you for reading this article and if you have any questions, feel free to reach out via Telegram @savl_support or join the conversation on Twitter @Savl_official.