E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Smoking Meat Finds Natural Home In The Cloud

August 9, 2022

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

August 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

August 9, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Chainalysis Launches Government-Focused Team Offering Solutions for Crypto Crimes
Crypto

Chainalysis Launches Government-Focused Team Offering Solutions for Crypto Crimes

Paul EasterBy Paul EasterJuly 30, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



The blockchain analytics firm launched Chainalysis Government Solutions, a subsidiary focused on helping US government agencies investigate crypto-related crimes. According to the firm’s latest research, 75% of public sector agencies worldwide are under-prepared in terms of tackling crypto incidents, demonstrating an increasing need for relevant resources and technologies made available to investigators.

Government Businesses

After striking up deals with the US government worth tens of millions, Chainalysis has doubled down its efforts to support public agencies’ crypto investigations by providing data tools and advanced technology to track blockchain transactions.

In 2020, the firm signed a $625K contract with IRS to develop a tool for tracking privacy coins like Monero and second-layer solutions like Lightning Network, given that the authority aimed to detect and track illicit crypto transactions.

Chainalysis’ latest blog post outlined four major solutions the team will offer to the US agencies. In particular, the firm will integrate “the industry’s best software tools and data” and on-chain analysis to provide insight for government bodies.

With the noticeable surge of crypto crimes in the past years, governments’ crypto investigations have stretched far beyond the use of bitcoin in illicit markets, even targeting areas of ransomware attacks, nation-state hacking, and more, noted Chainalysis CEO Michael Gronager.

The firm also hinted that, due to the newly added division, its total headcount might be set to double from its current size of 110 employees – including 90 forensic investigators – in the next six to twelve months. The analytics giant reached a valuation of $8.6B after raising $170M in May.

Public Agencies

The new government-focused subsidiary comes into shape in the context that 74% of the employees at public agencies said their organization isn’t well-equipped to investigate crypto-related crimes, according to a recent survey conducted by the firm.

In addition, with the rise of DeFi activity – which is more challenging for investigators to probe into – many public agencies did not adopt specialized blockchain analytical tools for relevant investigations.

Chainalysis polled 300 respondents across 183 public sector agencies in the United States and Canada as it tried to dive into crypto investigations by the public sector. The report found that the most commonly investigated crypto-related crimes center around scams, fraud, drugs, cybercrime, and ransomware.

On average, respondents rated their understanding of cryptocurrency at 58 – on a scale from 0 to 100 from not knowledgeable to extremely knowledgeable – crypto education is also needed within the public sector. Thus, better tools and relevant support are in shortage for employees of public agencies to monitor, track, and investigate crypto-related cases, the report concluded.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022

Vitalik Outs Himself as Having Used Tornado Cash

By Paul EasterAugust 9, 2022

Earn Rewards Through Crypto’s Piggy Bank

By Paul EasterAugust 9, 2022

Tether Announces Support for Ethereum Proof of Stake Transition

By Paul EasterAugust 9, 2022
Add A Comment

Comments are closed.

Our Picks

Smoking Meat Finds Natural Home In The Cloud

By Paul EasterAugust 9, 2022

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

By Paul EasterAugust 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022
Recent Posts
  • Smoking Meat Finds Natural Home In The Cloud August 9, 2022
  • March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details August 9, 2022
  • Ethereum Merge Attracts Institutional Investors: Report August 9, 2022
  • Multas a los vendedores ambulantes aumentaron durante el primer año del DCWP August 9, 2022
  • Ashish Kacholia stock: This packaging company’s shares hit new lifetime high on Monday; brokerages recommend Buy – check price target August 9, 2022
  • Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger August 9, 2022
  • This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape August 9, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.