In the eleven years since the crypto industry began, malicious parties have used digital assets for a variety of illegal activities, from paying for drugs to laundering money. The blockchain analytics firm, Chainalysis launches a new service that allows authorities to track, guard and sell cryptocurrencies related to crime after their seizure. The company calls the initiative its Asset Realization Program.
“Chainalysis has created an end-to-end solution for the tracking and tracing, pre-seizure planning, handling, storage, execution and tracking of assets seized by law enforcement agencies.” Chainalysis EMEA CEO told Cointelegraph: Duncan Hoffman.
With your new program, Chainalysis aims to serve customers in a variety of ways, including showcasing and selling seized digital funds. According to Hoffman’s remarks, the traffic of previously illegally used assets should be stopped and legally flow back into the ecosystem.
Various minor and high profile crimes have involved cryptocurrencies in recent years, including hacks, Financing Terrorism and Other Events.
More recently Nearly $ 1 billion worth of cryptocurrencies related to the Silk Road, an infamous drug market that closed seven years ago, switched wallets. The United States Department of Justice or DoJ, He then filed a motion to take control of an unknown hacker’s funds. This explains the change of address of the wallet. Chain analysis job with authorities in the case, according to a statement made by Chainalysis to Cointelegraph.
The Chainalysis Asset Realization Program is focused on use by government agencies as well as insolvency administrators, actors representing bankrupt companies, although the program is open to other interested parties.
As part of the initiative Chainalysis has partnered with Asset Reality, a company already operating in the seized asset niche. The company will work with Chainalysis on several processes, including the sale of seized funds.
Governments have stepped up its commitment to cryptocurrencies in 2020 and gained more confidence in enforcing regulatory laws.