Chainaylsis Partners With Europol To Fight Cybercrime

Chainalysis, a New York City-based startup which “[spots] connections between digital identities”, has signed an agreement, in the form of a memorandum of understanding, to collaborate with Europol’s European Cybercrime Centre (EC3) in an effort to fight cybercrime. The agreement was sparked by the rising popularity of bitcoin and its usage by cybercriminals in fraud and extortion.

The CEO of Chainalysis, Michael Gronager, said in a statement:

“It is with great pleasure I signed the Memorandum of Understanding between Europol and Chainalysis. We have worked extensively with regulated entities and law enforcement in both US, Asia and Europe to help protect people and businesses from cyber crime attacks. This new collaboration is an important next step in the endeavour to move digital currencies out of the hands of criminals and into the hands of consumers and blooming commerce.”

As one can infer from its name, Chainalysis spots the connections between digital identities in digital currency, this includes bitcoin. One way they do this is by monitoring and analyzing the bitcoin blockchain. It provides “transaction based risk scoring” and a “Enhanced Due Diligence and investigation tool” presumably for law enforcement. This technology sounds very similar to anti-fraud tools employed by credit

Read more ... source: TheBitcoinNews