Anti-crypto-hacking hotline established by Chainalysis, details here

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In an effort to mitigate the risks of crypto hacking attempts, blockchain research firm Chainalysis has launched a hotline to accept reports of such occurrences. If entities are approached with suspicious crypto-payment requests from strangers, they can call this hotline and register their alerts. The phone line will be operational 24/7 and user complaints regarding theft, code mining or ransomware attack will be noted. Chainalysis makes this decision to set up a hotline to report crypto hacks amid a growing number of cases around the world.

In a blog post titled “Crypto Incident Response”, Chainalysis said hackers caused theft and damage of up to $3 billion (about Rs 23,486 crore) from 251 attacks in 2021.

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“That’s why today we’re launching Crypto Incident Response, a rapid response service for organizations that have been targeted by a cyberattack or unauthorized network intrusion involving cryptocurrency theft or demand,” wrote the research company in its article.

Each victim in distress will be addressed by a team of researchers who will attempt to trace lost or stolen crypto funds in the event of a hacking attack.

Local authorities could also be implicated in more serious cases.

Chainalysis claimed that repeated crypto attacks are scaring people away from experimenting with this digital finance industry.

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“Attacks are increasing in frequency and severity, posing a significant barrier to building trust in cryptocurrency. We are investing in this service to not only help organizations in 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,” noted the research firm.

Jarno Laatikainen, Head of Investigations at Chainalysis, will lead this initiative. So far, however, it’s unclear which regions will get the helpline first.

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So far in 2022, cybercriminals have stolen $1.7 billion (about Rs 13,210 crore) worth of digital assets, with decentralized finance (DeFi) protocols accounting for 97% of the total, according to a report by Chainalysis.

The $600 million (about Rs 4,660 crore) Ronin Bridge breach in late March and the $320 million (about Rs 2,486 crore) wormhole attack in February were the main sources of spoils .


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