Key Takeaways:
- With the crypto incident response service, Chainalysis wants to demonstrate that crypto is not the asset class of anonymity and crime.
- As part of the program, the 24/7 Chainalysis Crypto Incident Response hotline will assist victims of a ransomware attack, code exploit, and flash loan, among others.
Leading Crypto Compliance Solution Provider Chainalysis announced the introduction of a Crypto Incident Response Program. According to the official announcement, the rapid response service is primarily for organizations that have been targeted by a cyber attack or unauthorized network intrusion that involves a cryptocurrency theft or demand.
The firm states that illicit abuse – including stealing funds via hacking and ransomware presents national security concerns, degrades trust in cryptocurrency, and victimizes innocent people around the world. While detailing how the response program works, Chainalysysi states that after a 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 next step will involve Chainalysis assigning a team of experts leveraging advanced investigative capabilities to work with the victim organization. The official announcement states that the response program can also provide help to liaise with law enforcement and asset recovery counsel.
The firm claims that it invested in the service to assist organizations in their times of need and to help bring bad actors to justice. With the crypto incident response service, Chainalysis wants to demonstrate that crypto is not the asset class of anonymity and crime.
Frauds and illicit crypto abuse are at an all-time high in the industry. According to a Chainalysis report, Over $520 million worth of cryptocurrency was stolen from services and individuals via hacks and non-technical attacks such as social engineering or phishing efforts in 2020. The report states that stolen funds primarily move to exchanges, however, DeFi platforms’ share of all stolen funds received more than doubled during 2020.
