Chainalysis, a blockchain analytics firm, has launched its subsidiary dubbed Chainalysis Government Solutions. Its major focus will be to investigate crimes related to crypto. The latest research of the firm has revealed that 75% of public sector agencies around the world are not prepared to deal with the crypto incidents. These stats highlight a dire need for relevant resources and technologies accessible to investigators.
Chainalysis, after collaborating with the U.S government in deals worth tens of millions, has increased its efforts to aid public agencies in investigations related to cryptocurrencies. It helps the agencies through its advanced technology to track blockchain transactions and also provide them with data tools. The company signed a $625K deal with the IRS in 2020 for building a tool that tracks privacy coins such as Monero and second-layer solutions like Lightning Network.
Four major solutions that the firm will provide to the U.S agencies were highlighted in the latest blog of Chainalysis. Essentially the company aims to integrate the best software tools and data by the industry. In addition, it will also offer on-chain analysis to offer insight for the government institutions.
Michael Gronager, the CEO of Chainalysis, has pointed out the significant rise in crimes related to crypto have expanded the reach of government investigations. It has gone far away than the use of Bitcoin in illegal markets. The institutions have started targeting nation-state hacking and areas of ransomware attacks.
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Moreover, the company has also hinted at the possibility that its total employees can soon be doubled in the coming six to twelve months. The reason being the addition of a newly added division. Amidst the onboarding members, there will be 90 forensic investigators. After collecting funds worth $170 Million, the valuation of the analytics firm reached $8.6 Billion.
The firm recently conducted a survey that revealed that 74% of the employees at public agencies stated that the institution does not possess enough tools to investigate crypto-related crimes. This led to the formation of the newly government-focused subsidiary.
Source: https://www.thecoinrepublic.com/2022/07/31/chainalysis-government-solutions-chainalysis-subsidiary-focussed-on-investigating-crypto-crimes/