Chainalysis launches reporting service for businesses targeted in crypto-related cyberattacks

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Blockchain analytics firm Chainalysis has launched a hotline that accepts reports of incidents of hackers claiming cryptocurrency payments from platforms or companies.

In a blog post on Wednesday, Chainalysis said its “Crypto Incident Response” hotline will operate 24/7 for victims of a “hack, ransom attack, code exploit, or flash loan attack” where crypto funds are “requested or stolen.” The company attributed the launch of a crypto-related ransomware attack reporting service to “national security concerns” as well as potentially undermining trust in the crypto industry.

According to Chainalysis, hackers were responsible for the loss of more than $3 billion in crypto value through theft and ransom requests from 251 attacks in 2021, with transactions to and from illicit addresses accounting for 0.15% of the total transaction volume in the space. Upon receiving a report, the company said a team would work with the victim to trace the funds, if needed, and possibly coordinate with local authorities.

“Attacks are increasing in frequency and severity, which is a major barrier to building trust in cryptocurrency,” said Chainalysis. “We are investing in this service not only to help organizations in their times of need, but also to help bring bad actors to justice and prove that crypto is not the asset class of anonymity and crime.”

Related Topics: Chainalysis Executive Promotes Blockchain Analysis to the Senate Homeland Security Committee

Chainalysis previously worked with authorities in the US government to address large ransomware and cyber attacks that threaten the country’s infrastructure. In 2021, the analytics firm said it had explored addresses linked to Russia-based Suex as part of an investigation into allegedly allowing hackers to gain access to cryptocurrencies sent as payment for ransomware attacks. The Department of Justice has also worked with Chainalysis to help seize funds from the ransomware operator allegedly targeting hospitals during the pandemic.

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