Chainalysis is set to launch a “Crypto Incident Response” hotline to assist businesses in bringing cryptocurrency hackers to justice.
A reporting hotline has been established by blockchain analytics company Chainalysis for instances in which hackers have asked platforms or businesses for cryptocurrency payments.
For victims of hacks, ransomware attacks, code exploits, or flash loan attacks in which cryptocurrency money is either demanded or stolen, Chainalysis announced in a blog post published on Wednesday that its “Crypto Incident Response” hotline would be available around the clock. The corporation blamed the introduction of the reporting service on crypto-related ransomware assaults that it said raised “national security concerns” and would jeopardize trust in the sector.
In 2021, 251 attacks by hackers resulted in the theft of more than $3 billion worth of cryptocurrency, with transactions to and from illegal addresses accounting for 0.15 percent of the total number of transactions in the space. After receiving a report, the company promised that a staff will work with the victim to locate funds if necessary and perhaps even liaise with local authorities.
“Attacks are increasing in frequency and severity, presenting a significant barrier to building trust in cryptocurrency,” said Chainalysis. “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.”
Chainalysis has already cooperated with U.S. government officials to combat prominent ransomware outbreaks and assaults posing a threat to the nation’s infrastructure. As part of an inquiry into allegations that it permitted hackers to access cryptocurrency transferred as payment for ransomware attacks in 2021, the analytics company claimed it looked at addresses connected with the Russian company Suex. A ransomware operator who is said to have targeted hospitals during the epidemic was also targeted by the Justice Department, which collaborated with Chainalysis to help take payments from him.