Chainalysis – the feedback service has teamed up with cryptocurrency criminals and a team of experts to investigate, track accounts and try to recover help them. Since the first quarter of 2022, the fluctuations of the macro economy have pushed the cryptocurrency market into a recessionary threshold, making this the focus of attention.
With the spontaneous development in the use of legal cryptocurrencies, Cipher Trace argues that this has reduced its use for other illegal activities. In 2021, it has been stated that the use of illegal cryptocurrencies accounts for only 0.15% of cryptocurrency trading volume.
Chainalysis said that while overall trading volumes are declining, some illegal activity is on the rise again. So they announced a program to help respond to incidents with cryptocurrencies, and a 24/7 hotline has been opened to make it accessible to victims of cryptocurrency crime attacks.
Cryptocurrency Incident Reporting Service
On June 22, Chainalysis posted a notice on its website that illegal activities such as stealing money through hacking or Ransomware are showing signs of increasing. This can be a security risk that can cause users to be scammed, the consequence of which causes users to lose confidence in the ecosystem.
As the announcement says:
"This rapid response service is intended for individuals or organizations that may be the target of a cyber attack or unauthorized intrusion related to thefts or cryptocurrency requests."
Experts will help the victim track down the stolen money. Once the money has been transferred, this group of experts will contact the lawyer to implement the law and recover the assets.
Hacking and ransomware have set all-time highs
By 2021, according to an analysis, ransomware attackers have made up to $731 million. Chainalysis's head of research Kim Grauer stated that as cryptocurrency criminals pursued larger targets, the average ransomware payment increased by 34%.
In 2022 there were a lot of hacks and virtual exploits, leading to the loss of money. According to cryptocurrency security firm Immunefi, in Q1 2022, hackers earned more than $1.2 billion instead of the $154 million lost to the hacks in Q1 2021.
Most of the hacks have been recorded on platforms across the bridge. Wormhole and Ronin made up for the majority of cryptocurrency losses that occurred in the first quarter of this year.
