The blockchain data analysis firm Chainalysis says it has developed an “integrated solution” designed to help law enforcement track stolen crypto.

The firm says the new solution relies on two primary tools.

The first is the firm’s preexisting blockchain investigation software, “Chainalysis Reactor,” which aims to help law enforcement officials track crypto across blockchains and identify on- and off-ramps.

The second part of the solution is a new development called “Wallet Scan,” which is designed to automate the discovery of derivation paths, according to Chainalysis.

Explains the firm,

“This eliminates the need to manually reconstruct wallets, allowing investigators to focus on recovering assets instead.”

Chainalysis also recently acquired Alterya, a fraud detection solution powered by artificial intelligence (AI).

The AI solution has worked with top crypto and fintech firms like Coinbase, Binance and Block and monitors more than $8 billion worth of fiat and crypto transactions a month, according to a recent press release. Alterya also detected more than $10 billion worth of payments sent to scams last year.

Total value loss in the digital asset sector due to hacks and scams last year exceeded $3.01 billion, a 15% increase from the 2023 total, according to the blockchain security firm PeckShield.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Chainalysis Develops System Enabling Law Enforcement To Trace and Seize Illicit Crypto Assets appeared first on The Daily Hodl.

The blockchain data analysis firm Chainalysis says it has developed an “integrated solution” designed to help law enforcement track stolen crypto.

The firm says the new solution relies on two primary tools.

The first is the firm’s preexisting blockchain investigation software, “Chainalysis Reactor,” which aims to help law enforcement officials track crypto across blockchains and identify on- and off-ramps.

The second part of the solution is a new development called “Wallet Scan,” which is designed to automate the discovery of derivation paths, according to Chainalysis.

Explains the firm,

“This eliminates the need to manually reconstruct wallets, allowing investigators to focus on recovering assets instead.”

Chainalysis also recently acquired Alterya, a fraud detection solution powered by artificial intelligence (AI).

The AI solution has worked with top crypto and fintech firms like Coinbase, Binance and Block and monitors more than $8 billion worth of fiat and crypto transactions a month, according to a recent press release. Alterya also detected more than $10 billion worth of payments sent to scams last year.

Total value loss in the digital asset sector due to hacks and scams last year exceeded $3.01 billion, a 15% increase from the 2023 total, according to the blockchain security firm PeckShield.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Chainalysis Develops System Enabling Law Enforcement To Trace and Seize Illicit Crypto Assets appeared first on The Daily Hodl.