Chainalysis Crypto Theft Hotline
The blockchain analytics company Chainalysis is starting a 24/7 hotline for cyber attack victims that have lost crypto funds.
The service will accept reports on incidents of hackers demanding crypto currency payments from organisations and companies. The company explains its decision to launch the reporting service as due to “national security concerns” and issues with confidence in the crypto industry.
In a blog post, Chainalysis said its "Crypto Incident Response" service would operate 24/7 for victims of a “hack, ransomware attack, code exploit or flash loan attack” in which “crypto-currency funds are either demanded or stolen.”
According to Chainalysis, hackers were responsible for the loss of more than $3 billion in crypto value through theft and ransom demands from 251 attacks in 2021, with transactions to and from illicit addresses representing 0.15% of total transaction volume in the space.
On receiving a report, the firm said a team would work with the victim to trace funds, if necessary, and potentially coordinate with local authorities.
“Attacks are increasing in frequency and severity, presenting a significant barrier to building trust in crypto-currency, we’re investing in this service not just to assist organisations 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,” said Chainalysis.
According to Kim Grauer, Chainalysis’ head of research, ransomware gangs are only getting more sophisticated. The average ransomware payment jumped 34% in 2021 as criminals went after bigger targets, and it shows no sign of slowing down.
Chainalysis has previously worked with authorities in the US government to address high-profile ransomware attacks and cyberattacks threatening the country's infrastructure.
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