Chainalysis introduces Crypto Incident Response Hotline for 24/7

Joyashree Dey Follow

INDIA

Jun, 23 2022

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On June 22, blockchain data platform, Chainalysis announced the launch of a fast response hotline ‘Chainalysis Crypto Incident Response Service’, for organizations that have been targeted by incidents such as a crypto-related cyber-attack or ransomware demand that includes cryptocurrency theft.

The new hotline will be available 24/7, and victims will be paired with a team of investigators from Chainalysis who will help to trace and label the funds in Chainalysis’ program. If funds have already been transferred or stolen, the Chainalysis team will “help liaise with law enforcement and asset recovery counsel.”

The hotline service is not a part of Chainalysis’ analytical products. A spokeswoman for Chainalysis told that victims needn't bother with being existing customers of Chainalysis at the time of the attack.

Ransomware criminals had a record last year, rounding up $731 million in crypto payments.

In the opinion of Kim Grauer, Chainalysis’ head of research, ransomware gangs are only getting more sophisticated. The average ransomware payment increased 34% in 2021 as criminals went after greater targets – and it makes it clear that things are not pulling back.

By starting a rapid response and promptly tracing the funds, the program intends to make it harder for hackers to cash out – and easier for authorities to trace them.

As per a press release published last February, Chainalysis sees the proceeded expansion in cyber-attacks as an obstruction barrier to building trust in cryptocurrency.

“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 release stated.

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