Blockchain analytics entity Chainalysis reportedly introduced a hotline gathering reports or incidents of hackers blackmailing platforms or firms for crypto.

Specifically, Chainalysis reportedly revealed its “Crypto Incident Response” hotline would reportedly function 24/7 to support victims of a “hack, ransomware attack, code exploit or flash loan attack”, where the hacker ask for or have illegally acquired cryptocurrency funds. 

The firm reportedly accredited the introduction of the reporting solution on crypto-associated ransomware attacks – representatives of “national security concerns” – together with possibly deteriorate confidence across the crypto sphere.

Per Chainalysis, hackers were the primary actor that caused over $3 billion of financial damage in crypto value, via theft and ransom demands from 251 attacks last year, with transactions to and from illicit addresses representing 0.15% of the overall transaction volume throughout the sector. 

Upon receiving a report, the company reportedly claimed that a team would interact with the victim to track back funds, if necessary, with coordination with local governmental agencies also.

“Attacks are increasing in frequency and severity, presenting a significant barrier to building trust in cryptocurrency. We’re investing in this service not just to assist organizations in their times of need, but also to help bring bad actors to justice and demonstrate that crypto is not the asset class of anonymity and crime.” Chainalysis further remarked. 

Chainalysis reportedly had previously collaborations with governmental agencies in America, to tackle high-profile ransomware attacks and cyberattacks posing threats to the nation’s infrastructure.