blockchain analytics company On-chain analysis says it will leverage its software and data tools to to help federal investigators to crack down on fraudulent cryptocurrency transactions.
It comes after the company announced the launch of a government-focused team delivering solutions. The new platform will help the US government and law enforcement investigate crypto-related crimes.
The new tool will easily detect criminal actions in the crypto space
The company’s latest research shows that 75% of public sectors worldwide are ill-equipped to deal with crypto incidents. This shows that there is an urgent need to use resources and make them available to regulators. The increasing level of crypto scams and fraudulent schemes has made it important for organizations to develop proper data analytics and monitoring tools that can prevent such frauds. Chainalysis said the new feature can help spot criminal actions in the crypto industry easily.
Your capital is in danger.
Chianalysis already has an ongoing partnership with the US government worth tens of millions. Now, the company has stepped up its efforts to offer more support for crypto investigations by public agencies. It will provide state-of-the-art technology and data tools to track blockchain transactions.
Chainalysis will double its workforce
In 2020, the company signed a $625,000 contract with IRS. The contract is to develop a tool for tracking second-layer solutions like Lightning Network and coins like Monero. This gives the authority more ability to track and detect fraudulent crypto transactions.
In a blog post, Chainalysis highlighted four major solutions the platform will offer US agencies. One of the essential elements is the integration of the best software tools and industry data to give information to the government and regulators.
Chainalysis Managing Director Michael Gronager commented on the partnership with the government. He said there has been an increase in crypto crimes over the past few years. Now government crypto investigations go far beyond the use of Bitcoin for fraudulent purposes. Now, threat actors are targeting areas such as nation-state hacks, ransomware attacks, and more.
Chainalysis also said the newly added section could double the rig’s total workforce from its current size of 110 workers. In May, the company announced a valuation of $8.6 billion after raising $170 million in a funding round.
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