Chainalysis launches Crypto Incident Response Program to flag cryptocurrency hacks

Chainalysis launches Crypto Incident Response Program to flag cryptocurrency hacks

Chainalysis, the blockchain research firm, has introduced Crypto Incident Response Program to mitigate the risks from cryptocurrency hacking attempts. Organizations can register their grievances around theft, code exploit, or ransomware attack using the hotline, which will be functional 24×7.

In its blog titled Crypto Incident Response Program, Chainalysis wrote that hackers caused thefts and damages of over $3 billion from 251 attacks in 2021.

“Certain types of illicit abuse – including stealing funds via hacking and ransomware – are at all-time highs. This presents national security concerns, degrades trust in cryptocurrency, and victimizes innocent people around the world,” Chainalysis mentioned in its blog.

“That’s why today we’re launching Crypto Incident Response, a rapid response service for organizations that have been targeted by a cyber attack or unauthorized network intrusion that involves a cryptocurrency theft or demand,” it further read.

QUICK RESPONSE

Even though the research firm did not confirm which region would get the hotline facility, Chainalysis said its dedicated team of experts would work around the clock to help the victim entity.

“Chainalysis investigators have worked with organizations in the private and public sectors on hundreds of incidents involving cryptocurrency and have helped solve some of the most high-profile cybercrime cases. The Chainalysis Crypto Incident Response program streamlines the engagement process so that no time is wasted, no matter where in the world the victim is located. Time is of the essence, and immediately tracing and labeling funds in the Chainalysis platform can make the difference in preventing bad actors from cashing out their ill-gotten gains,” the blog reads.

“Attacks are increasing in frequency and severity, presenting a significant 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,” Chainalysis noted.

The research firm revealed that Jarno Laatikainen, the Manager of Investigations at Chainalysis, will be heading Crypto Incident Response Program.

Read – The Beginner’s guide to Decentralized Finance (DeFi)

Read – Cryptocurrency: All You Need To Know About The Controversial Digital Money

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