Since the beginning of this year, the focus on the cryptocurrency market has been on falling cryptocurrency prices. However, there is an area of concern that many no longer pay attention to. A recent CipherTrace data indicated that cryptocurrencies have been used more legally than illegally in the past 12 months.
According to the report, the use of cryptocurrencies for fraudulent purposes represented only 0,15% of the transaction volume of digital currencies last year. However, the blockchain data platform, Chainalysis, claims that there has been an increase in the illegal use of cryptocurrencies since the beginning of this year.
For this reason, Chainalysis has launched a service to fight cryptocurrency-related scams. The platform called the service "crypto incident response program". It is available at any time of the day for victims of cryptocurrency scams or hackers.
More details on the new Chainalysis program
Chainalysis announced its new service via a blog post on Wednesday. According to the announcement, the increase in hacks and ransomware attacks was the main reason for the launch of this service. The post notes that if growing cases of security risks continue to go unchecked, many potential ones Investors they will lose confidence in the industry.
Part of the post reads:
Businesses and individuals who have been victims of cryptocurrency hacking are our main target audience for this service. Organizations whose networks have been breached and whose hackers have demanded cryptocurrency ransoms can also use this service.
According to the post, victims can access this response service at any time of the day. That way, they can get immediate attention and support for their problem. The service has a team of experts with experience in tracking down stolen funds. These experts are in groups to respond to the needs of the victims in an appropriate way and at any time.
The post also specifies that experts could consult with law enforcement and relevant authorities to recover the transferred funds. The transfer of funds means that the hackers have moved the stolen funds from one account to another or to multiple accounts.
The rise of hacking and ransomware attacks
Data from the Chainalysis website revealed that ransomware attackers earned over $ 730 million between January and December 2021. One of Chainalysis's top executives, Kim Grauer, added that last year there was an increase 34% in average ransomware payouts.
The reason is that attackers have started targeting major companies with deep pockets. Multiple data shows that hacking and exploitation have increased significantly since the beginning of this year.
A recent industry report from Immunuefi (a crypto-security firm) showed hackers received more than $ 1,1 billion in the first quarter of this year alone. This amount is nearly eight times higher than what hackers received in the first quarter of 2021 ($ 154 million).
The Immunuefi report also claims that hackers used cross-bridge platforms to process the stolen funds. The report added that most of the cryptocurrency funds stolen this year were registered on the Ronin and Wormhole cross-bridge platforms.
