Monday, September 25, 2023

Chainalysis Reveals 24/7 Hotline For Crypto Crime Victims

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Chainalysis reveals 24/7 hotline for the crypto crime victims and will match them with teams of investigative experts to trace the funds and try to recover them to the owners so let’s read more today in our latest cryptocurrency news.

Chainalysis reveals a hotline service with the macroeconomic fueled market downturn taking a central stage since Q1 but it is not the only area of concern. CipherTrace reported the growth in the legitimate use of crypto that is derived for illicit activities and furhter stated that the illicit use constituted 0.15% of the transaction volume in 2021.

Despite the reduction in the overall transaction volume, Chainalysis revealed that some illicit activities have been increasing and in response, it announced the crypto incident response program which is a 24/7 hotline service that can be accessible by cyber attack victims. In June, chainalysis posted on its website that illicit activities like theft of funds via hacks and ransomware are increasing and noted this as a security risk that could expose users to scams in the ecosystem. The detailed post reads:

“the rapid response service is for organizations who have been targets of a cyber attack or unauthorized network intrusion that involves a cryptocurrency theft or demand.”

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The response service will function via a 24/7 hotline where the victims of cyber attacks can access immediate support. The victims will be sent to a team of investigative experts to help trace the stolen funds but if the funds are not transferred, the team will liaise with the law enforcement and the asset recovery counsel for the recovery. The analysis in the website post showed that the ransomware attackers netted $731 million in 2021 and Kim Grauer, the head of research also stated that the average ransomware payment jumped 34% in 2021 with criminals going after bigger targets.

2022 witnessed hacks and exploitation which resulted in the loss of more funds. According to the crypto security company Immunefi, the hackers netted over $1.2 billion instead of the $154 million lost to the hacks in the first quarter of 2021. most of the hacks were recorded on a cross-bridge platform while Wormhole and Ronin made up for the lion’s share of the losses that occurred in Q1, 2022.

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