Chainalysis Raises $1.6 Million, Signs Cybercrime Deal with Europol
Blockchain startup Chainalysis has signed a memorandum of understanding with Europol’s European Cybercrime Centre (EC3) that will see the firms collaborating on efforts to fight online crime. The news comes as the firm closes a $1.6m seed funding round led by Point Nine Capital, with Techstars, Digital Currency Group, Funders Club and Converge VP also investing. Chainalysis, which is an official investigator for the creditors of collapsed bitcoin exchange Mt Gox, says the memorandum it has signed with Europol promotes collaboration and information sharing. The company suggested that the....
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New York-Based Chainalysis Inc., has signed a joint memorandum with Europol’s European Cybercrime Centre (EC3) to help battle online criminal activity. The partnership coincides with the company receiving a $1.6 million USD seed fund from investors. Chainalysis was founded in 2014 by Jonathan Levin, Jan Moller, and Michael Gronager with the goal of “[spotting] connections between digital identities.” In the press release, the company says it aims to help track this data on the blockchain.
Cyber crime startup Chainalysis has raised $1.6 million USD, while announcing collaboration with Europol following an uptick in Bitcoin related ransomware attacks, which included including Hollywood Presbyterian Medical Center’s recent $17,000 USD bitcoin payout. Chainalysis Partners with Europol. While a 40-bitcoin ($17,000 USD) ransom payout made its....
Chainalysis signed an agreement with Europol on Friday that paves the way for the European law enforcement agency to use the New York-based company’s blockchain analytics tools to investigate criminals who use Bitcoin. The deal between Europol and Chainalysis comes just days after news broke about a high-profile ransomware attack against Hollywood Presbyterian Medical Center. The attacker froze the hospital’s computer systems for 10 days and demanded 40 bitcoins, about $17,000, to restore service. The brazen attack and the hospital’s decision to pay the ransom has renewed the debate about....
Europol believes that militants can potentially use cybercrime as a service from the darknet to launch attacks on European nations. Software as a Service (SaaS) has been around for a while until the Bitcoin revolution introduced Blockchain as a Service (BaaS). Thanks to both, now we have Cybercrime as a Service. The emerging threat as got Europol concerned. According to recent reports, the European law enforcement agency has expressed its concerns about the increasing availability of cybercrime services for hire on the darknet. These services, run by hackers can be easily hired by anyone....
Similarly to how most governments feel, Europol is not too keen on end-to-end encryption either. The report mentions how several cases of child abuse have been livestreamed over encrypted connections. Cybercrime is a threat of all ages, even though things seem to be getting progressively worse over time. Europol has issued a new warning against the mounting number of online crimes. At the same time, they are also concerned about the mounting number of opportunities for criminal gain. Bitcoin is, of course, mentioned as well. The number of threats posed by internet criminals has never been....