Chainalysis Inks Bitcoin Analysis Deal With Europol, Irks Some Privacy Advocates

Chainalysis Inks Bitcoin Analysis Deal With Europol, Irks Some Privacy Advocates

This is a guest post by Scott Dylan.

Chainalysis sealed an agreement with Europol on Friday that paves a approach for a European law coercion group to use a New York-based company’s blockchain analytics collection to examine criminals who use Bitcoin. 

The understanding between Europol and Chainalysis comes usually days after news pennyless about a high-profile ransomware attack opposite Hollywood Presbyterian Medical Center. The assailant froze a hospital’s mechanism systems for 10 days and demanded 40 bitcoins, about $17,000, to revive service. The contemptuous conflict and a hospital’s preference to compensate a release has renewed a discuss about a rapist uses of Bitcoin. 

Chainalysis’ blockchain analytics record enables law coercion agencies to lane such release payments by a Bitcoin blockchain, and eventually to brand a culprits. 

Law coercion agencies are not a usually ones meddlesome in blockchain analytics. Chainalysis recently engaged with Barclays to yield correspondence collection that will concede a London-based bank to work with businesses that work on a Bitcoin blockchain. 

Many banks are prevented from providing services to businesses that accept Bitcoin since a pseudo-anonymous inlet of a practical banking keeps banks from complying with anti-money laundering regulations. Chainalysis gathers and analyses information from a blockchain so that banks

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