Blockchain research firm Chainalysis has launched a new hotline that will provide support for organizations that have been targeted by a crypto-related cyber attack or ransomware demand.
The Crypto Incident Response hotline will function 24/7, and victims will be paired with a team of investigators from Chainalysis who will trace and label the funds in Chainalysis’ program. If funds have already been transferred or stolen, the Chainalysis team will “help liaise with law enforcement and asset recovery counsel.”
The hotline service is separate from Chainalysis’ analytical products. A spokeswoman for Chainalysis told CoinDesk that victims do not need to be existing customers of Chainalysis at the time of the attack.
Ransomware criminals had a record year in 2021, raking in $731 million in crypto payments.
According to Kim Grauer, Chainalysis’ head of research, ransomware gangs are only getting more sophisticated. The average ransomware payment jumped 34% in 2021 as criminals went after bigger targets, and it shows no sign of slowing down.
By initiating a rapid response and immediately tracing the funds, the program aims to make it harder for criminals to cash out – and easier for law enforcement to catch them.
According to a press release provided to CoinDesk, Chainalysis sees the continued increase in cyber attacks as a barrier to building trust in cryptocurrency.
“We’re investing in this service not just to assist organizations in their times of need, but also to help bring bad actors to justice and demonstrate that crypto is not the asset class of anonymity and crime,” the release stated.
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