To tackle hacking attempts in the crypto segment, blockchain research firm Chainalysis has launched a hotline to report such cases. Entities can report suspicious crypto payment requests from strangers by calling this hotline. This hotline will work 24×7. On this, user complaints regarding theft, code misuse or ransomware attack can be reported.
Chainalysis reported in a blog post that hackers stole and caused nearly $3 billion in damages in 251 attacks last year. For this reason, a hotline called Crypto Incident Response is being launched for the firms that are the target of such attacks. In case of a hack attack, a team of researchers will talk to each victim and try to trace the funds associated with the stolen crypto. Local authorities can also be involved in serious cases. Due to the increasing attacks of hackers on the crypto segment, people are afraid to trade in this segment.
The blog post said, “Such attacks are undermining confidence in cryptocurrencies. Through this service, we aim to help firms facing similar difficulties and crack down on perpetrators of such attacks.” ” The hotline will be headed by Chainalysis’s Investigation Manager Jarno Laatikainen. However, it has not been clarified which regions will initially get access to this hotline.
Recently Chainalysis claimed in a report that cybercriminals have stolen around $1.7 billion in digital assets so far this year. These criminals have targeted decentralized finance (Defi) protocols in 97 percent of cases. In one such case, about $615 million worth of cryptocurrency was stolen from the blockchain network Ronin.
The US Federal Bureau of Investigation (FBI) blamed the Lazarus Group for the hack. North Korea’s Intelligence Bureau controls the Lazarus hacking group. This hacking group has been accused of ransomware attacks, and hacking of international banks and customer accounts.