cryptobriefing.com
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.