24/7 Hotline for Victims of Cryptocurrency Hacks and Ransomware

Chainalysis creates a hotline for victims of cryptocurrency hacks and ransomware. A laudable initiative to increase confidence in cryptocurrencies.

Companies that hackers ask for a ransom in cryptocurrency can now call a special hotline. It is a blockchain company called Chainalysis that has just launched it. Called Crypto Incident Response, it aims to quickly help those who have been the victim of cybercriminals of all kinds.

Chainalysis Creates Hotline for Victims of Cryptocurrency Hacks and Ransomware

This initiative should be able to benefit organizations that are trapped in ransomware attacks, in other words, whose files are being held hostage, unless the ransom is paid in Bitcoin or Monero. In other cases, attackers have stolen cryptocurrencies from victims.

This hotline will be open 24 hours a day, 7 days a week, and “Chainalysis will send a dedicated team of experts using their advanced investigative capabilities to investigate alongside the victims.”Chainalysis also explains that, if necessary, “will help to liaise with the authorities and advise them on the return of assets.”

A laudable initiative to increase confidence in cryptocurrencies

While Chainalysis explains that the legitimate use of cryptocurrencies goes far beyond criminal activity, the volume of digital assets stolen through ransomware and other hacks is greater today than ever. The company said, “This raises national security concerns, undermines trust in cryptocurrencies, and victimizes innocent people around the world.”

This new hotline should allow no time to be wasted, or at least limit delays as soon as possible after the attacks themselves. The company also warns: “Time is at a premium here, and the immediate tracking and labeling of funds on the Chainalysis platform goes a long way in preventing attackers from withdrawing their ill-gotten gains.” The firm also points out that the attacks are “increasing and becoming more severe, which poses a major obstacle to establishing genuine trust in cryptocurrencies.” As a result, the ongoing nature of hacks and ransomware attacks could impact the entire industry.