New Crypto Incident Response Program Launched by Chainalysis

A 24-hour hotline for companies that have suffered from crypto crimes such as ransomware attacks, has been established by the blockchain analytics company.

A crypto Incident Response Program has been launched by a blockchain intelligence company, to help other companies recover funds that have been attacked by hackers and ransomware.

A 24-hour hotline will be provided for those companies who choose this program. Chainalysis will appoint a team of specialists “to work around the clock and side by side” with them, as well as assist in liaising with law enforcement if necessary, once communication is established between the victim organization and the response unit.

The project’s initiator is said to be Jarno Laatikainen, Manager of Investigations at Chainalysis. The news was also shared via Twitter.

The lawful use of cryptocurrency significantly outnumbers criminal use (just 0.15% of transactions last year utilized illegitimate addresses), yet crypto heists involving hackers or ransomware are higher than ever according to data from Chainalysis. 

The total amount taken by ransomware attackers more than quadrupled, rising from $144 million to $728 million, this only between 2019 and 2020.