Chainalysis, a company that does blockchain research, has introduced a new hotline that will offer assistance to businesses that have been the subject of ransomware or cyber-attack using cryptocurrencies.
Initiative to help a crypto crime victim
In 2021, ransomware operators received an all-time high of $731 million in cryptocurrency payments, and 2022 is expected to set new records for this type of cybercrime.
Ransomware gangs are only becoming more sophisticated, according to Kim Grauer, chief of research at Chainalysis. As hackers targeted more significant targets in 2021, the average ransomware payment increased by 34%, and it continues to rise.
Separate from Chainalysis’ analytical products is the hotline service.
According to a Chainalysis spokesman, victims do not have to be Chainalysis clients at the time of the assault.
Chainalysis sees the ongoing rise in cyberattacks as a roadblock to establishing confidence in cryptocurrencies, according to a press release given to CoinDesk.
According to the announcement, “We’re investing in this service not merely to support organizations in times of need, but also to help bring criminals to justice and show that cryptocurrency is not the asset class of anonymity and criminality.”
Victims will be linked with a Chainalysis team of detectives who will trace and label the money on Chainalysis’ platform, and the Crypto Incident Response hotline will operate around the clock.
The Chainalysis team will “assist in liaising with law enforcement and asset recovery lawyers” if money has already been moved or stolen.
The initiative intends to make it more difficult for criminals to cash out and make it simpler for law enforcement to apprehend them by launching a quick reaction and quickly tracing the funds.
Know Your Transaction
Industry-leading blockchain intelligence, a user-friendly UI, and a real-time API are all combined in Chainalysis KYT.
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Along with legal businesses like merchant services, decentralized exchanges, NFT platforms, and bridges, this also includes illegal services like darknet marketplaces, con games, and malware.
It aids businesses in reducing manual tasks, observing national and international laws, and safely utilizing new technology like DeFi.