Chainalysis launches government-focused team with new solutions for crypto crimes
Leading cryptocurrency-investigations and blockchain analytics firm Chainalysis, is launching Chainalysis Government Solutions, a government-facing subsidiary focused on helping U.S. government agencies investigate crypto-related crimes.
Chainalysis Government Solutions aims to help government agencies investigate cases related to cryptocurrency, intervene in criminal operations and illicit activity, and recover funds for victims.
This move marks the expansion of the firm’s multimillion-dollar business deal with the U.S. government, military, federal investigators and police departments.
In 2020, the firm secured a US$ 625K deal with the IRS to create a system to track privacy coins like Monero and layer-2 solutions like Lightning Network. This is to help identify and trace illicit blockchain transactions.
The firm highlights four major solutions teams that will be assembled to offer different services to the U.S. government. These include investigations that leverage on the industry’s best software tools and data; intelligence, which provide analysis and consulting on geo-political, cyber and other malicious actors and their use of crypto; mission, which will augment government teams led by experts in cryptocurrency investigations; Data and Technology, which will create customizable tools that combine Chainalysis data with other data sources to enhance the objectives.
Further, the firm also implied that its total employees can be doubled in the coming six months to a year to support the newly added subsidiary. Initially, 90 experts in cryptocurrency investigations, analysis, advisory, cybersecurity, and data engineering will be recruited to the team.
The firm also highlighted that 74% of the employees at public agencies said their organization isn’t well-equipped to investigate crypto-related crimes in its recent survey.