Blockchain data and security company, Chainalysis has announced the introduction of a program designed to respond to crypto thefts. According to a blog post from the firm, the program dubbed “Crypto Incident Response” is targeted toward apprehending scammers and other cyber criminals.
Chainalysis is an organization that compiles on-chain blockchain data for several major companies and parastatals. The data firm assists law enforcement agencies, other government firms, financial institutions, security organizations, and even crypto exchanges in maintaining data integrity.
The data compiled most times are employed to investigate suspected criminal operations. This has successfully helped in the recovery of stolen funds and assets as customer protection status and investment risk evaluation have risen in recent times.
The Crypto Incident Response program will accept reports and suspected allegations brought to Chainalysis. Thorough investigations would be conducted to ascertain the veracity of the reports. Cases that the program intends to attend to are ransomware attacks, hacks, security network bridge bypass, and some others.
With this new addition of a response program, Chainalysis has said that the narrative of crypto is changing. The blog post asserted that the program will prove that crypto is not the asset class that is anonymous and corrupt.
The hotlines will be opened to attend to all reports 24 hours daily. The analytic firm has recognized cyber theft as a major ‘national’ concern that needs attention. Only in 2021, more than $3 billion worth of cryptocurrency was stolen by hackers. This sum was recorded from a total of 251 noted attacks.
Chainalysis Intensifies Cyber Security Efforts
Meanwhile, various means have been utilized in perpetrating these crimes by cybercriminals who also evolve in their game. Cloning of security keys, phishing emails, by-pass of two-factor authentication (2FA), and demand for ransom in exchange for locked data are some of such methods.
If successful, the stolen funds are most times directed to unidentified wallets or wallets known where they can obfuscate the trail of the transactions.
In recent times, more of these crypto thefts and attack cases have been on an increase. Ronin Bridge was attacked earlier this year, and a total of $625 million worth of crypto including Ethereum (ETH) and USDC were stolen.
The secret entry code for the bridge was falsified to gain access. Chainalysis was assigned to investigate the hack at the time.