Chainalysis sets up a hotline for victims of crypto hacks and ransomware. A commendable initiative to boost confidence in crypto.
Companies that hackers ask to pay a ransom in cryptocurrency can now call a dedicated hotline. It is the company specialized in the blockchain Chainalysis who just threw it. Called Crypto Incident Response, it aims to quickly help those who find themselves victims of cybercriminals of all kinds.
Chainalysis sets up a hotline for victims of crypto hacks and ransomware
This initiative should be able to benefit organizations that find themselves trapped by ransomware attacks, in other words having their files held hostage, unless a ransom is paid in Bitcoin or Monero. In other cases, the victims had their cryptocurrencies stolen by malicious people.
This hotline will be open 24 hours a day, 7 days a week and “Chainalysis will assign a dedicated team of experts using their advanced investigative faculties to investigate alongside the victims”. Chainalysis also explains that it will “help liaise with authorities and advise them on asset recovery” if necessary.
A laudable initiative to boost confidence in crypto
Although Chainalysis clarifies that the legitimate use of cryptocurrencies goes well beyond criminal activity, the volume of digital assets stolen via ransomware attacks and other hacks is greater today than ever. The company said, “This presents national security fears, degrades trust in cryptocurrencies, and victimizes innocent people around the world.”
This new hotline should make it possible not to waste time, or at least to limit delays as much as possible, just after the attacks themselves. The company also warns: “Time is at a premium here, immediately tracing and labeling funds in the Chainalysis platform makes a big difference in preventing bad guys from withdrawing their ill-gotten gains.” The firm also specifies that the attacks “are increasing in frequency and severity, presenting a significant barrier to the establishment of true confidence in crypto-currencies”. As a result, the persistent nature of ransomware hacks and attacks has the potential to affect the entire industry.