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Chainalysis Unveils 24/7 Hotline for Victims of Cryptocurrency Crimes

Chainalysis Unveils 24/7 Hotline for Victims of Cryptocurrency Crimes

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The macroeconomic-fueled crypto market decline since the first quarter of 2022 has attracted the attention of the central stage. However, this is not the only area of ​​concern.

CipherTrace recently reported that the spontaneous increase in the legitimate use of cryptocurrencies dwarfs its use for illegal activities. It further stated that illicit use accounted for just 0.15% of cryptocurrency trading volume in 2021.

Despite this decrease in overall transaction volume, blockchain data platform Chainalysis revealed that some illegal activity is on the rise. In response, it announced its “Cryptocurrency Incident Response Program,” a 24/7 hotline service accessible to victims of cyberattacks.

crypto incident report service

22 in june Post On its website, Chainalysis stated that illegal activities such as theft of funds through hacks and ransomware are on the rise. It noted this as a security risk that could expose users to scams and lead to a lack of trust in the ecosystem.

As detailed in the post:

“The Quick Response Service is intended for organizations that have been the target of cyberattacks or unauthorized network intrusions that involve cryptocurrency theft or solicitation.”

The response service will function through a 24/7 hotline where victims of cyber attacks can get immediate help.

The investigation will be sent to a team of experts to help the victims trace the stolen money. However, if the money has been transferred, the team will liaise with law enforcement and asset recovery attorneys for its recovery.

Hacks, ransomware at all-time high

An analysis in a website post showed that ransomware attackers made $731 million in 2021. Chainalysis head of research Kim Grauer also said that the average ransomware payout jumped 34% in 2021 as criminals go after bigger targets.

2022 has seen several hacks and exploits, resulting in loss of funds. According to crypto security firm Immunefi, hackers have netted more than $1.2 billion in Q1 2022, instead of a loss of $154 million for hackers in Q1 2021.

Furthermore, most of the hacks have been recorded on cross-bridge platforms. Wormhole and Ronin alone make up for the lion’s share of crypto losses in Q1 2022.

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Chainalysis Unveils 24/7 Hotline for Victims of Cryptocurrency Crimes

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