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Blockchain analytics firm Chainalysis has launched a 24/7 hotline service that will provide support for organizations that have been targeted by crypto-related cyber attacks or ransomware demand.
Chainalysis Launches Crypto Incident Response
According to an official announcement on Wednesday, Chainalysis has launched a new 'Crypto Incident Response' response service that will function 24/7 for the victims of a "hack, ransomware attack, code exploit or flash loan attack." https://twitter.com/chainalysis/status/1539579989644943362?ref_src=twsrc%5Etfw The company will work 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. The move comes shortly after Chainalysis launched a new tool called "Chainalysis Storyline" last month which simplifies smart contract transactions, including DeFi and NFTs. The new tool is expected to help crypto startups to comply with anti-money laundering (AML) and know-your-customer (KYC) requirements.
Crypto Theft Reached New ATH in 2021
Crypto theft by hacking and ransomware reached an all-time high in 2021, with $14 billion transferred through illicit transactions, according to Chainalysis. The blockchain analysis firm also noted that hackers were responsible for the loss of more than $3 billion in crypto through theft, 72% of which accounted for cryptocurrency stolen from DeFi protocols. Notably, scamming revenue totaled around $7.8 billion over the year, $2.8 billion of which reportedly came from "rug pulls."
"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," the company said in the announcement release.