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Chainalysis launches reporting service for businesses targeted in crypto-related cyberattacks

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Blockchain analytics firm Chainalysis has launched a reporting hotline for incidents of hackers demanding cryptocurrency payments from platforms or companies.In a Wednesday blog post, Chainalysis said its ‘Crypto Incident Response’ hotline would operate 24/7 for victims of a “hack, ransomware attack, code exploit, or flash loan attack” in which “cryptocurrency funds are either demanded or stolen.” The company attributed the launch of the reporting service to crypto-related ransomware attacks presenting “national security concerns” as well as potentially undermining confidence in the crypto industry.According to Chainalysis, hackers were responsible for the loss of more than $3 billion in crypto value through theft and ransom demands from 251 attacks in 2021, with transactions to and from illicit addresses representing 0.15% of total transaction volume in the space.

Upon reporting, the firm said a team would work with the victim to trace funds if necessary, and potentially coordinate with local authorities.“Attacks are increasing in frequency and severity, presenting a significant barrier to building trust in cryptocurrency,” said Chainalysis. “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.”Today we’re launching Crypto Incident Response, a rapid response service for organizations that have been targeted by a cyber attack or unauthorized network intrusion that involves a #crypto theft or demand.

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