Organizations that have suffered a crypto-related exploit or attack can now call the blockchain analytics firms’ 24/7 hotline to seek expert help and counsel.
- Blockchain analytics firm Chainalysis has launched a 24/7 hotline to support organizations affected by crypto-related exploits.
- The firm will pair affected organizations with a dedicated team of experts working to trace and recover the stolen funds and potentially liaise with law enforcement.
- The Chainalysis Crypto Incident Response program is open to all organizations targeted by crypto-related cybercrime attacks.
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 leading blockchain analysis firm in the space.
Chanalysis announced in a blog post today that it had launched a new 24/7 rapid response hotline to support organizations affected by crypto-related exploits or attacks. The program, dubbed Crypto Incident Response, will pair organizations with a dedicated team of experts that will work side-by-side with the cybercrime victims to help them trace and label stolen funds, liaise with law enforcement, and proposition an asset recovery counsel.
“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,” the firm said in the blog post. Chainalysis also stated that the program wasn’t launched only to help potential crypto crime victims, but also to help bring bad actors to justice and showcase that “crypto is not the asset class of anonymity and crime.”
Chainalysis is one of the world’s largest blockchain intelligence firms. It has worked with private and decentralized crypto organizations, law enforcement, and other government agencies to help solve hundreds of crypto-related cybercrime incidents.
Per a crypto crime report published by the firm in January, crypto-related cybercrime incidents hit record highs in 2021, with $14 billion transferred through illicit transactions. Notably, scamming revenue totaled around $7.8 billion over the year, $2.8 billion of which reportedly came from so-called “rug pulls”—a scam where crypto founders unexpectedly leave their projects, withdraw the liquidity away from decentralized exchanges, and run away with the funds. Theft, on the other hand, totaled roughly $3.2 billion—72% of which accounted for cryptocurrency stolen from DeFi protocols.
With billions in losses every year and the crypto industry increasingly becoming a hot target for highly sophisticated, state-sponsored black-hat hackers, Chanalysis’ Crypto Incident Response will likely prove indispensable for industry stakeholders going forward.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto Crime Soared in 2021, But So Did Usage: Chainalysis
A significant rise in cryptocurrency-related crime accompanied the rise of decentralized finance in 2021. While crypto crime rates hit record highs in absolute numbers, illicit crypto transactions marked record lows…
Reuters Blasts Binance for $2.35B Money Laundering Problem
A report from Reuters claims that Binance may have allowed the laundering of more than $2.35 billion over a period of five years. The report highlighted instances when North Korean…
Treasury Sanctions Crypto Mixer Over North Korean Attacks
The Office of Foreign Assets Control said that North Korean hackers had recently used Blender to launder digital assets. U.S. Treasury Sanctions Blender The U.S. Treasury Department has begun clamping…
North Korea Is Targeting Entire Crypto Space, Top VC Warns
DeFiance Capital founder Arthur Cheong has said that North Korea’s state-sponsored hackers have likely already penetrated all corners of the crypto industry and know precisely the kind of attacks to…