Understanding the origins and trustworthiness of a cryptocurrency transaction is critical for risk management. This is where Know Your Transaction (KYT) checks come into play. To get started with KYT in the Savl application, follow these steps:
KYT checks can be run in the following scenarios:
Once you complete the KYT check, you will receive a risk assessment labeled as Low, Medium, or High. You can also download a comprehensive PDF report for your records. As a rule of thumb, it is advisable to transact only with Low-risk addresses to minimize potential issues.
Please Note: KYT checks should be considered a tool for risk minimization and do not constitute legal or financial advice. Savl does not provide legal or financial guidance. The user is solely responsible for any decisions or actions taken. KYT checks offer a risk evaluation based on available blockchain and public ledger information at the time of the check. Outcomes may vary depending on the methodology and provider of the KYT service. Always exercise caution and responsibility in your transactions.