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Chainalysis Launches 24/7 Hotline for Crypto Crime Victims
Ransomware actors raked in all-time high of $731 million in crypto payments in 2021, and 2022 is on track to be another record year for crypto-enabled cyber crime.
Blockchain research firm Chainalysis has launched a new hotline that will provide support for organizations that have been targeted by a crypto-related cyber attack or ransomware demand.
The Crypto Incident Response hotline will function 24/7, and victims will be paired with a team of investigators from Chainalysis who will 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.”
STORY CONTINUES BELOW
The hotline service is separate from Chainalysis’ analytical products. A spokeswoman for Chainalysis told CoinDesk that victims do not need to be existing customers of Chainalysis at the time of the attack.
Ransomware criminals had a record year in 2021, raking in $731 million in crypto payments.
According to Kim Grauer, Chainalysis’ head of research, ransomware gangs are only getting more sophisticated. The average ransomware payment jumped 34% in 2021 as criminals went after bigger targets, and it shows no sign of slowing down.
By initiating a rapid response and immediately tracing the funds, the program aims to make it harder for criminals to cash out – and easier for law enforcement to catch them.
According to a press release provided to CoinDesk, Chainalysis sees the continued increase in cyber attacks as a 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.
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
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