Chainalysis tracked over 5,000 suspicious bitcoin transactions in 2015

posted almost 6 years ago
Over the past year and a half, the number of ransomware attacks has increased exponentially. Cyber criminals demand Bitcoin payments in the hopes of people never tracing the money to its recipient. Chainalysis, a startup focusing on tracking Bitcoin payments, has been working closely together with law enforcement agencies. Company is working together with law enforcement in Europe, Asia, and the US.

Chainalysis claims several arrests have already taken place thanks to their involvement. The DD4BC extortion group was brought to its knees by tracking the Bitcoin payments in question. Many criminals assume cryptocurrency is anonymous, but that is far from the case.

As a result of Chainalysis software becoming more common, the number of jurisdictions where criminals can operate in will reduce. Banks are also taking a keen interest in Chainalysis, as they want to use the toolset to fight money laundering efforts with Bitcoin.

What Chainalysis software does is act as a search engine for blockchain ledgers. In a way, the software is capable of linking transactions to real identities. Moreover, they also provide reports to financial institutions regarding blockchain activity of their customers. So far, nearly 5,0000 suspicious activity reports about Bitcoin have been filed in the US over the past year.
Tags: news, bitcoin