All sectors are affected by criminal activities and even the Cryptocurrency sector is not exempt from it. Although mass adoption is still a long way off, Cryptocurrencies are unfortunately also used for illegal activities. A leading trust building company in the Crypto industry is Chainalysis, headquartered in New York, United States.
As you can read from their website, their mission is “create transparency for a global economy built on blockchains, enabling banks, businesses, and governments to have a common understanding of how people use cryptocurrency.“ The company was founded in 2014 as the official investigators into the hack of Mt. Gox (in correspondence dated July 6 attorney Nobuaki Kobayashi, appointed trustee, confirmed that Mt. Gox is preparing to make repayments to account holders). The two co-founders are Michael Gronager and Jonathan Levin.
Both of their resumes are of great significance. Michael Gronager is a Board member of the Uni-C / Danish Research Network and the National Supercomputer Center at Linköping University in Sweden. He was also Advisor and COO of the Kraken exchange. Jonathan Levin was also CEO & cofounder of Coinometrics (an internationally recognised brand) and completed a Master of Philosophy in Economics at the prestigious University of Oxford, UK.
Among the prominent customers of Chainalysis we find:
- the FBI, the Drug Enforcement Agency and the Internal Revenue Service Criminal Investigation (American federal institutions)
- Barclays (financial institutions)
- Gemini, Bitstamp and BitPay (crypto companies)
Chainalysis provides solutions for Investigations, Compliance, DeFi and NFTs., offers various products (Reactor, KYT, Kryptos, Market Intel and Business Data) and services (Investigations & Special Programs, Crypto Incident Response and Training & Certification). The 2022 Crypto Crime Report they created is truly exhaustive and consists of 140 pages.
You can download a free copy by clicking here. What struck me most, as stated in the report, is that “transactions involving illicit addresses represented just 0.15% of cryptocurrency transaction volume in 2021 despite the raw value of illicit transaction volume reaching its highest level ever“. The report is packed with information, data and accurate analysis. I warmly invite you to read it to avoid scams and have a general overview of cryptocurrency-based crime in our society. Leave a comment below and tell me what you think about the Chainalysis 2022 Crypto Crime Report. Consider this space a place to talk without censorship.
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