Thursday, January 30, 2020

Chainalysis Integrates Its Investigation Software to Japanese Crypto Exchange BITPoint to Investigate and Trace Stolen Funds

Chainalysis, the blockchain analysis company, has joined forces with a recently hacked Japanese crypto exchange BITPoint to investigate suspicious transaction and trace stolen funds.

In a press release published on January 30, Chainalysis announced the “integration of Chainalysis Reactor investigation software with BITPoint Japan to identify and trace funds and provide comprehensive investigation support across multiple cryptocurrencies.”

Chainalysis Reactor is a software developed by the company that connects cryptocurrency transactions to real-world entities, that allows law enforcements agencies and crypto business to investigate criminal activity on the blockchain. The company said that investigation tools like these are necessary for Asia where cryptocurrency businesses are increasing and has become an attraction for internet criminals.

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According to the press release, BITPoint has already used Chainalysis Reactor to trace the funds stolen in July 2019 hack that resulted in $28 million worth of cryptocurrency stolen.

Chainalysis, based in New York, designs and develops anti-money laundering software for government agencies, cryptocurrency businesses, and financial institutions. The company was founded in 2014 by Jan Moller, Jonathan Levin, and Michael Gronager. The company has also developed another software Chainalysis Know Your Transaction (KYT), an API, that contains source and destination of funds to measure risk.

As reported by Crypto Economy, Bittrex has integrated Chainalysis KYT software to its platform to monitor transactions.

Jason Bonds, chief revenue officer at Chainalysis, said:

Businesses like BITPoint are increasingly targets of hacks, especially those located in Asia. Our goal at Chainalysis is to not only help manage difficult situations like hacks, but also to arm our customers with the proper investigation software and support to ensure long-term regulatory compliance. That’s why we’re investing in the Japanese market to provide local support.”

BITPoint is a Japanese exchange that suffered form a massive hack of 32 million dollars in July of 2019. The exchange was able to recover some funds and went back live on August 6, 2019.

Takashi Tashiro, General Manager Corporate Planning Department at BITPoint, commented:

Chainalysis’s industry leading investigation software and professional services team helped guide us through an extremely difficult, challenging time at BITPoint. After seeing the tremendous capabilities of Chainalysis Reactor and working with the team under significant pressure, we realized the importance of continuing to work alongside Chainalysis to maintain ongoing investigations of suspicious activity and build a safe, robust platform for our users.”

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