Blockchain analytics firm Chainalysis says it will be taking advantage of its software and data tools to assist federal investigators to clamp down on fraudulent cryptocurrency deals.
This comes after the firm announced the launch of a government-focused team offering solutions. The new platform will render assistance as the U.S. government and law enforcement investigate crypto-related crimes.
The New Tool Will Easily Spot Criminal Actions In The Crypto Space
The company’s latest research shows that 75% of public sectors all over the world are ill-equipped to deal with crypto incidents. This shows a high urgency to use resources and make them available to regulators. The increasing level of crypto scams and fraudulent schemes has made it important for organizations t develop appropriate data analysis and monitoring tools that can prevent these frauds. Chainalysis said with the new feature can help to easily spot criminal actions in the crypto industry.
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Chianalysis already has an ongoing partnership with the US government worth tens of millions. Now the company has intensified its efforts to offer more support for crypto investigations by public agencies. It will be providing advanced technology and data tools to track blockchain transactions.
Chainalysis To Double Its Workforce
In 2020, the company signed a $625,000 contract with IRS. The contract is to develop a tool for tracking second-layer solutions like Lightning Network and coins like Monero. This gives the authority more ability to track and detect fraudulent crypto transactions.
In a blog post, Chainalysis pointed out four major solutions the platform will offer to US agencies. One of the vital ones is the integration of the industry’s best software tools and data to give the government and regulators insights.
Chief Executive Officer of Chainalysis, Michael Gronager, commented on the partnership with the government. He said there has been an increase in crypto crimes in the past few years. Now the crypto investigations by the government have gone far beyond the use of Bitcoin for fraudulent purposes. Now, threat actors are targeting areas such as nation-state hacking, ransomware attacks, and more.
Chainalysis also stated that the newly added section could double the platform’s total headcount from its current size of 110 workers. In May, the company announced a valuation of $8.6 billion after raising $170 million in a funding round.
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