Chainalysis Rolls Out New Program to Facilitate Crypto Grabs
- The news came shortly after US authorities leveraged Chainalysis to seize more than $1 billion worth of bitcoin.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term intelligence platform, Chainalysis today unveiled a new solution aimed to help public and private agencies conduct blockchain analysis as a way to specifically track, store, and ultimately sell seized cryptocurrency assets.
The news came barely a week after US authorities disclosed that they leveraged Chainalysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.
The Department of Justice (DOJ) said it was assisted in seizing the Bitcoins by Chainalysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons, and other nefarious goods.
“As Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term become more mainstream, they will increasingly be used by good and bad actors alike. Chainalysis is dedicated to building trust in digital assets, and that means helping to detect and investigate the illicit activity. As our government partners become more successful in rooting out bad actors, assisting them with asset recovery and realization is a natural next step,” said Jason Bonds, Chief Revenue Officer at Chainalysis.
The New York-based crypto compliance startup stated it has grown the number of its customers by 65 percent on a yearly basis thanks to the higher demand on its blockchain surveillance technology from public sector agencies. It had doubled its quarterly revenues during the July to September period.
Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.
Chainalysis has recently onboarded Wyoming’s Division of Banking, the banking regulator responsible for the chartering and supervision of state banks to help the regulator combat money laundering, sanctions violations, and other criminal activities that use digital assets.
Chainalysis’s team of data scientists and programmers are leveraging a wide range of quantitative data sources, including cryptocurrency exchanges and blockchain data sources, to clarify and present the view of the cryptocurrency and blockchain ecosystem.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term intelligence platform, Chainalysis today unveiled a new solution aimed to help public and private agencies conduct blockchain analysis as a way to specifically track, store, and ultimately sell seized cryptocurrency assets.
The news came barely a week after US authorities disclosed that they leveraged Chainalysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.
The Department of Justice (DOJ) said it was assisted in seizing the Bitcoins by Chainalysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons, and other nefarious goods.
“As Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term become more mainstream, they will increasingly be used by good and bad actors alike. Chainalysis is dedicated to building trust in digital assets, and that means helping to detect and investigate the illicit activity. As our government partners become more successful in rooting out bad actors, assisting them with asset recovery and realization is a natural next step,” said Jason Bonds, Chief Revenue Officer at Chainalysis.
The New York-based crypto compliance startup stated it has grown the number of its customers by 65 percent on a yearly basis thanks to the higher demand on its blockchain surveillance technology from public sector agencies. It had doubled its quarterly revenues during the July to September period.
Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.
Chainalysis has recently onboarded Wyoming’s Division of Banking, the banking regulator responsible for the chartering and supervision of state banks to help the regulator combat money laundering, sanctions violations, and other criminal activities that use digital assets.
Chainalysis’s team of data scientists and programmers are leveraging a wide range of quantitative data sources, including cryptocurrency exchanges and blockchain data sources, to clarify and present the view of the cryptocurrency and blockchain ecosystem.