Chainalysis launched government-focused tools that will be able to fight against crypto crimes and will leverage its software to help the federal investigators and police forces in the battle with illicit crypto participants so let’s read more today in our latest cryptocurrency news.
The blockchain analytics company Chainalysis launched Government-focused tools and solutions that will help US agencies to investigate crypto-related crimes. According to the latest research, 75% of the public sector agencies are underprepared in terms of tackling crypto incidents and showed an increasing need for relevant resources and technologies that are made available to them.
After striking up a deal with the US Government worth tens of millions, Chainalysis doubled down on its efforts to support public agencies’ crypto investigations by simply providing data tools and advanced technology to track the blockchain transactions. In 2020, the company signed a new contract with the IRS worth $625,000 to develop a tool for tracking privacy coins given that the authority aimed to track illicit crypto transactions. Chainalysis’ latest blog post outlined solutions that the team will offer for US Agencies and in particular, the company will integrate the industry’s best software tools and on-chain analysis to provide insight for the government bodies.
With the rise of crypto crimes in the past few years, crypto investigations were streched beyond the use of BTC in illicit markets and even targeted areas of ransomware attacks. The company hinted that beucase of the newly added division, the headcount might be set to double from 110 employees in the next year. The analytics giant reached a valuation of $8.6 billion after raising $170M In May. The new subsidiary came into shape in the context that 74% of the employees at public agencies said their organization was not well equipped to investigate crypto crimes. Also, with the rise of Defi activity which is more challenging for the investigators to probe into, most of them didn’t adopt specialized blockchain tools for relevant investigations.
Chainalysis polled 300 respondents in 183 public sector agencies in Canada and the US and tried to dive into crypto investigations in the public sector. The report found that the most commonly investigated crimes focused on fraud, cybercrime, scams, and ransomware. The respondents also rated their understanding of crypto at 58 on a scale from 0-100, saying crypto education is needed in the public sector.
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