Chainalysis launches crypto incident response program

To support organisations that have been targeted by a cyber attack or unauthorised network intrusion that involves a cryptocurrency theft or demand, Chainalysis has launched a new rapid crypto incident response service.

After waves of hacking and ransomware incidents that have only continued to increase over the past few months, impacting national security and the degradation of cryptocurrency, Chainalysis has launched its crypto incident response program in response, which is designed to streamline the engagement process "so that no time is wasted, no matter where in the world the victim is located".

While legitimate use of cryptocurrency is outpacing the growth of criminal usage, certain types of cyber crime activity, including stealing funds via hacking and ransomware, are at an all-time high. Chainalysis data reveals that transactions involving illicit addresses represent just 0.15 per cent of cryptocurrency transaction volume in 2021 but the impact on national security for some countries and businesses has been severe.

Chainalysis investigators have worked with organisations in the private and public sectors on hundreds of incidents involving cryptocurrency and have helped solve some of the most high-profile cyber criminal cases.

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The Chainalysis Crypto Incident Response program streamlines the engagement process. Time being of the essence, according to Chainalysis investigators, preventing bad actors from cashing out a cryptocurrency haul and tracing and labelling funds in the Chainalysis platform can make the difference to thwarting an attack.

The program works in three essential steps:

After an incident such as a hack, ransomware attack, code exploit, or flash loan attack occurs and cryptocurrency funds are either demanded or stolen, the victim can contact the 24/7 Chainalysis Crypto Incident Response hotline.
Chainalysis will then assign a dedicated team of experts leveraging advanced investigative capabilities to work around the clock and side-by-side with the victim organisation.
If needed, the Chainalysis team can help liaise with law enforcement and asset recovery counsel.

Attacks are increasing in frequency and severity and Chainanalysis is aiming to demonstrate that crypto is not the asset class of anonymity and crime by launching the new venture.

The Chainanalysis team, led by manager of investigations Jarno Laatikainen, formalised the program with the aim of helping customers in their greatest time of need and help bring malicious cyber actors to justice.