Cryptocurrency

Chainalysis Launches Hotline For Crypto Attack Victims

The service is available 24/7 and is primarily designed for organizations.

Cryptocurrency

Chainalysis Launches Hotline For Crypto Attack Victims

The service is available 24/7 and is primarily designed for organizations.

On Wednesday, June 22, Chainalysis, a leading blockchain data platform, announced that it will be launching a “Crypto Incident Response Program” — a 24/7 hotline for organizations that fall victim to cryptocurrency attacks.

In a report, the blockchain data company shares that the legitimate use of cryptocurrency far outweighs criminal usage, which made up only 0.15% of transaction volume in 2021. It does indicate, however, that the theft of funds through hacking and ransomware is at all-time highs — leading to national security concerns, decreased public trust in digital assets, and innocent people being made into victims.

As of last year, the value lost to ransomware hackers across 251 attacks, came to a total of just over $730 million USD. The new Crypto Incident Response service is aimed at addressing these issues and in some cases even preventing them. It features a 24/7 rapid response service for organizations that have fallen victim to cyber-attacks or unauthorized network intrusions that involve cryptocurrency theft or ransom demands.

The system works by allowing victims of hacks, ransomware attacks, code exploits, or flash loan attacks, to contact the hotline for help in pursuing the recovery of funds or legal litigation. Primarily Chainalysis will assign its own in-house team of expert investigators to work closely with the victims organization. In extreme cases, steps bring in law enforcement and asset recovery counsel will be taken.

In other news, Meta rolls out “Meta Pay” and reveals future metaverse wallet.

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