Chainalysis – a known blockchain analysis company – has partnered with Cellebrite DI, a global leader in digital intelligence solutions to assist customers and help them identify criminal crypto activity.
Chainalysis Is Looking to Uncover More Crime
The goal is to ensure resolutions happen and happen quickly. The crypto space has become synonymous with crime in recent years, with recent examples of illicit activity including hacks on the Harmony exchange in Northern California and on Axie Infinity, a digital gaming platform. Both companies, together, have lost more than $700 million in digital currency funds.
Thomas Stanley – president and chief revenue officer at Chainalysis – explained in an interview:
We are thrilled to partner with Cellebrite, the digital intelligence market leader, to expand our public and private sector customer reach and provide them access to Chainalysis’ solutions, training, and expertise. Together, Cellebrite and Chainalysis are committed to helping combat blockchain-related crime, improving trust and transparency in blockchains, and making cryptocurrency safer for all.
Leeor Ben-Peretz – chief strategy officer at Cellebrite – also threw his two cents into the mix, stating:
Cryptocurrency, like any other financial instrument, has become a vehicle for funding crime and laundering money, and as its adoption increases, our customers must be equipped with cutting-edge solutions to identify this important category of digital evidence. Providing our customers with an integrated cryptocurrency investigation solution will expedite their investigations through automation and help them seamlessly uncover a wider range of digital evidence within Cellebrite’s suite of digital intelligence solutions. We are happy to join forces with Chainalysis to further enhance our customers’ tools and knowledge, modernize investigations, and accelerate justice.
The amount of people out there using crypto has increased heavily over the years. This is a good thing in the sense that the space is becoming far more mainstream and legitimate, and there are many companies – such as Chipotle, a well-known fast-food chain – that are now accepting crypto payments due to the mainstream appeal.
However, there is a downside in that more individuals have sought to engage in illicit behavior and/ or make off with money that isn’t theirs. This has ultimately increased the call for regulatory tactics given that many government agencies do not want to see crypto traders lose all they have, though this goes against the very notions of crypto, which was built to give users full autonomy and independence.
The Space Is Getting Dangerous
Chainalysis is known for uncovering much of the illicit behavior that occurs behind closed doors in the digital currency space. Much of the data that comes about during transactions can be used to uncover the identities of trading parties along with additional information regarding where money is going and where it is coming from.
Both Chainalysis and Cellebrite are looking to educate crypto users to ensure they are aware of risks.