Friday, July 19, 2024

Introducing the Chainalysis Crypto Incident Response Program


The growth in the legitimate use of cryptocurrency is far outpacing the growth of criminal usage, with transactions involving illicit addresses representing just 0.15% of cryptocurrency transaction volume in 2021. However, certain types of illicit abuse – including stealing funds via hacking and ransomware – are at all-time highs. This presents national security concerns, degrades trust in cryptocurrency, and victimizes innocent people around the world.

That’s why today we’re launching Crypto Incident Responsea rapid response service for organizations that have been targeted by a cyber attack or unauthorized network intrusion that involves a cryptocurrency theft or demand.

Here’s how it works:

  • After an incident such as a hack, ransomware attack, code exploit, or flash loan attack occurs and cryptocurrency funds are either demanded or stolen, the victim can contact the 24/7 Chainalysis Crypto Incident Response hotline.
  • Chainalysis will then assign a dedicated team of experts leveraging advanced investigative capabilities to work around the clock and side-by-side with the victim organization.
  • If needed, the Chainalysis team can help liaise with law enforcement and asset recovery counsel.

Chainalysis investigators have worked with organizations in the private and public sectors on hundreds of incidents involving cryptocurrency, and have helped solve some of the most high-profile cyber criminal cases. The Chainalysis Crypto Incident Response program streamlines the engagement process so that no time is wasted, no matter where in the world the victim is located. Time is of the essence, and immediately tracing and labeling funds in the Chainalysis platform can make the difference in preventing bad actors from cashing out their ill-gotten gains.

Attacks are increasing in frequency and severity, presenting a significant barrier to building trust in cryptocurrency. We’re investing in this service not just to assist organizations in their times of need, but also to help bring bad actors to justice and demonstrate that crypto is not the asset class of anonymity and crime.

For more information about Crypto Incident Response Services and to get access to coverage, click here.

Special thanks to Manager of Investigations Jarno Laatikainen for spearheading this project and many others at Chainalysis for their work in formalizing this program to best help customers in their greatest time of need.

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