06-24-2022 icon

Chainalysis introduces 24/7 response line for crypto scam victims

By Lucy Adegbe

Blockchain data platform, Chainalysis has introduced a new response line. The aim is to offer assistance to institutions that have been faced with any form of crypto electronic invasion or malicious software invasion. 

The newly introduced response line is set to operate round the clock and targets will be allowed to access the team of investigative experts assigned by Chainalysis who will fish out funds that are likely to be embezzled and label them in the Chainalysis protocol.

In a situation where the funds have been stolen or moved, the assigned team will “help liaise with law enforcement and asset recovery counsel.”

The investigative response service is built separately from the original products that the platform offers. According to a Chainalysis representative who spoke to CoinDesk in an interview, targets do not necessarily have to be customers of the platform as at the period of invasion. 

A statement from Chainalysis focused on the rapid rise in cyber insecurity which is being a hindrance to confidence in exploring crypto space. 

Chainalysis further stated, “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 response team has been equipped to track funds effectively and give these felons a tougher time getting away with stolen funds.