Chainalysis launches service for victims of crypto crimes


Key points to remember

  • Blockchain analytics firm Chainalysis has launched a 24/7 hotline to support organizations affected by crypto-related exploits.
  • The company will pair affected organizations with a dedicated team of experts working to trace and recover stolen funds and possibly liaise with law enforcement.
  • The Chainalysis Crypto Incident Response program is open to all organizations targeted by crypto-related cybercrime attacks.

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Blockchain analytics firm Chainalysis has launched a “rapid response service” to help organizations deal with crypto-related attacks and exploits.

Chainalysis Launches Crypto Crime Service

Crypto organizations may have found a helping hand in the space’s leading blockchain analytics company.

Chanalysis announced in a blog post today that it launched a new 24/7 rapid response hotline to support organizations impacted by crypto-related exploits or attacks. The program, called Cryptographic Incident Responsewill pair organizations with a dedicated team of experts who will work side-by-side with victims of cybercrime to help them trace and tag stolen funds, liaise with law enforcement and offer advice on asset recovery.

“After an incident such as a hack, ransomware attack, code exploit or flash lending attack occurs and cryptocurrency funds are requested or stolen, the victim can contact the Chainalysis Crypto Hotline Incident Response 24/7,” the company said in the blog post. Publish. Chainalysis also said that the program was not launched just to help potential victims of crypto crimes, but also to help bring bad actors to justice and show that “crypto is not the asset class of anonymity and crime.

Chainalysis is one of the largest blockchain intelligence companies in the world. He has worked with private and decentralized crypto organizations, law enforcement, and other government agencies to help resolve hundreds of crypto-related cybercrime incidents.

By a crypto crime report published by the company in January, cybercrime incidents related to crypto reached record levels in 2021, with $14 billion transferred via illicit transactions. Notably, scam revenue totaled around $7.8 billion over the year, of which $2.8 billion is believed to have come from so-called “rug pulls” – a scam where crypto founders unexpectedly quit their projects, withdraw liquidity from decentralized exchanges, and run away with the fund. The theft, on the other hand, totaled around $3.2 billion, 72% of which represented cryptocurrencies stolen from DeFi protocols.

With billions lost each year and the crypto industry increasingly becoming a target for highly sophisticated products, state sponsored black hat hackers, Chanalysis’s crypto incident response will likely prove indispensable for industry stakeholders in the future.

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

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