Blockchain analytics firm Chainalysis has launched a hotline that will accept reports of hacking incidents demanding cryptocurrency payments from platforms or businesses.
In a blog post on Wednesday, Chainalysis said its “Crypto Incident Response” hotline would work 24/7 for victims of a “hack, ransomware attack, code exploit, or flash loan attack” in which “cryptocurrency funds are demanded or stolen.” . The company attributed the launch of the information service to cryptocurrency-related ransomware attacks that present “national security concerns” as well as potentially undermining trust in the cryptocurrency industry.
According to Chainalysis, hackers were responsible for the loss of more than $3 billion in cryptocurrency value through theft and ransom demands from 251 attacks in 2021, with transactions to and from illicit addresses accounting for 0.15% of the total volume. of transactions in space. Upon receiving a tip, the firm said a team would work with the victim to trace the funds, if necessary, and potentially coordinate with local authorities.
“Attacks are becoming more frequent and severe, posing a significant hurdle to building trust in cryptocurrencies,” Chainalysis said. “We are investing in this service not only to help organizations in their time of need, but also to help bring bad actors to justice and demonstrate that cryptocurrency is not the asset class of anonymity and crime.”
Today we’re launching Crypto Incident Response, a rapid response service for organizations that have been targeted by a cyber attack or unauthorized network intrusion that involves a #crypto theft or demand. Find out how it works: https://t.co/OypbSk344s
— Chainalysis (@chainalysis) June 22, 2022
Chainalysis has previously worked with US government authorities to deal with high-profile ransomware attacks and cyberattacks that threaten the country’s infrastructure. In 2021, the analytics firm said it explored addresses associated with the Russia-based company Suex as part of an investigation for allegedly allowing hackers to access cryptocurrencies sent as payment for ransomware attacks. The US Department of Justice also worked with Chainalysis to help seize funds from a ransomware operator that allegedly targeted hospitals during the pandemic.
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