The analytics company Chainalysis has launched a hotline that will receive reports of cases where hackers demand payments in cryptocurrencies from platforms or companies.
In a blog post published on Wednesday, Chainalysis said its “Crypto Incident Response” hotline will operate 24/7 for victims of “hacker attacks, ransomware attacks, code exploits, or instant credit attacks” in which “cryptocurrency funds are either requested or stolen.” The company explained the launch of a crypto-related ransomware attack reporting service as representing “national security concerns” as well as potentially undermining the credibility of the crypto industry.
According to Chainalysis, hackers are responsible for over $3 billion worth of cryptocurrencies lost in theft and ransom demands in 251 attacks in 2021, with transactions with illegal addresses accounting for 0.15% of total transactions in space. Upon receiving the report, the firm said the team would work with the victim to trace the funds if necessary and possibly coordinate with local authorities.
“Attacks are becoming more frequent and more severe, which poses a major hurdle to building trust in crypto,” said Chainalysis. “We are investing in this service not only to help organizations in times of need, but also to hold attackers accountable and demonstrate that cryptocurrency is not an anonymity and crime asset class.”
Today we are launching Crypto Incident Response, a rapid response service for organizations that have been the victim of a cyberattack or unauthorized network intrusion involving #crypto theft or demand. Find out how it works: https://t.co/OypbSk344s
— Chain Analysis (@chainalysis) June 22, 2022
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Chainalysis has previously partnered with US authorities to combat high-profile ransomware and cyber attacks that threaten the country’s infrastructure. In 2021, the analytics firm said it had examined addresses associated with Suex’s Russian business as part of an investigation into allegedly giving hackers access to cryptocurrencies sent as payment for ransomware attacks. The Justice Department also worked with Chainalysis to help seize funds from a ransomware operator that was said to have targeted hospitals during the pandemic.
Credit : cointelegraph.com