Chainalysis Blockchain Data Proven Highly Accurate by Independent Study

Chainalysis, a leader in blockchain analysis, has had its data accuracy independently validated by researchers from TU Delft in the Netherlands. This assessment, part of the 34th USENIX Security Symposium, revealed that Chainalysis’s blockchain analytics data achieved an impressive true positive rate of up to 94.85%, with minimal false positives, according to Chainalysis.

Independent Evaluation

The study involved the seizure of servers from three illicit services, providing researchers access to the complete set of crypto addresses controlled by these entities. This allowed for a comprehensive comparison of data vendors, marking the first instance where a blockchain intelligence vendor was evaluated against a controlled dataset. The findings confirmed the high accuracy and reliability of Chainalysis’s data, crucial for investigative and compliance purposes.

Importance of Accurate Data

Accurate blockchain data is essential for tracing illicit funds, reducing risk exposure, and informing regulation and policymaking. The study underscored the importance of high-quality data in preventing money laundering and securing actionable leads. Chainalysis’s data accuracy ensures reliable intelligence and evidence, safeguarding the credibility of investigations.

Chainalysis Welcomes Scrutiny

While the study was initially intended to evaluate multiple blockchain analysis vendors, Chainalysis was the only company to participate. Embracing independent evaluation, Chainalysis aims to maintain rigorous standards for its data, which is used in courtrooms, regulatory hearings, and high-stakes investigations. The company continually refines its methodologies to minimize errors and enhance data accuracy.

Proven Success in Legal Cases

The reliability of Chainalysis’s data has been demonstrated in several high-profile cases. In the Bitcoin Fog case, a judge ruled that Chainalysis’s data was based on reliable methods and was admissible in U.S. federal court. Similarly, in the Chowles case, Chainalysis’s data played a crucial role in proving the theft of seized bitcoin by an NCA officer.

Commitment to Continuous Improvement

Chainalysis values independent evaluation as a means to enhance its offerings and remains committed to engaging with the academic community to test and validate its work. With over a decade of experience in blockchain intelligence, Chainalysis continues to lead the industry in data accuracy and reliability.

For more information, please visit the Chainalysis website.

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