Chainalysis will help authorities make money on confiscated cryptocurrency
Chainalysis Launches Cryptocurrency Sales Program
The new service is aimed at government agencies and bankruptcy commissioners
Authorities seize digital assets from cybercriminals
International consortium of news organizations developing transparency standards.
Recently, government bodies of different countries have been actively confiscating large amounts of cryptocurrency from scammers and criminal structures. The Chainalysis team decided to help them manage the seized digital assets.
The authorities found themselves in a quandary, not knowing what to do with the cryptocurrency confiscated from scammers as restitution. The new Chainalysis program will help them realize the withdrawn.
The seized assets must be sold
Blockchain analytics company Chainalysis announced the launch of the program in a November 12 press release. The statement says that the new service will help government agencies and bankruptcy commissioners deal with seized or confiscated cryptocurrency assets..
The new cryptoasset disposal program will help stakeholders track, store and dispose of seized cryptocurrencies. Commenting on the news, Jason Bonds, Director of Revenue for Chainalysis, noted:
“The popularity of cryptocurrencies is growing, so they are used more often by respectable people and scammers. Government agencies have recently been very successful in combating crime, and we help them to seize and sell confiscated assets “.
The Asset Selling Program has expanded the company’s line of forensic tools for the cryptocurrency industry. In the past, Chainalysis has also helped authorities track criminal activity in the cryptocurrency environment, including cryptocurrency exchange hacks allegedly organized by North Korean cybercriminal syndicates..
The authorities are picking up the pace
Law enforcement agencies around the world have seized millions of dollars in cryptocurrency from criminal organizations. Some of these confiscated assets came from raids against drug dealers on the darknet..
In September, Dutch authorities seized about 2,500 BTC ($ 40 million) from a couple convicted of darknet money laundering. In the United States, several crack groups led by the Department of Justice (DoJ) have also reclaimed cryptocurrency from online drug syndicates..
Typically, auction houses like Wilsons help sell cryptocurrencies confiscated by government agencies. U.S. Marshals have also auctioned over 185,000 BTC at various times in the past..
Yet the US government rushed the sale and missed out on a potential $ 1.65 billion in profit. In November, the Justice Department confiscated 69,369 BTC and other digital coins from a wallet linked to the now defunct Silk Road darknet marketplace..
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