The data platform of Chainalysis “equips the alliance with the same investigative tools that have been used to solve some of the world’s most high-profile cybercrime cases and expand consumer access to bitcoin securely.”
The NCFTA was founded in 2002 “to facilitate the exchange of information and subject area knowledge with partners from the commercial sector, law enforcement, and academics.”
Its mission is “to produce and exchange threat information as part of the global effort to prevent and eradicate cybercrime.” The actions of the NCFTA have “aided in preventing potential losses of over $2 billion and launching hundreds of criminal and civil investigations, which have resulted in over a thousand arrests.”
Chainalysis has “a lengthy history of assisting government agencies, law enforcement officers, and private sector companies.” Their data platform and experienced team have “aided in cases involving child abuse material, darknet marketplaces, ransomware gangs, North Korean hacking, and more, resulting in the confiscation of billions of dollars worth of cryptocurrency.”
The addition of Chainalysis to the impressive roster of members “brings their blockchain analysis tools, expert investigations team, and proprietary technology to NCFTA.” Staff from Chainalysis will collaborate with alliance members and staff in New York City, Pittsburgh, and Los Angeles on ongoing investigations.
Moreover, Chainalysis’ comprehensive blockchain data “means that NCFTA’s joint efforts to exchange knowledge and best practices will account for the most recent cryptocurrency developments, putting NCFTA and its members at the forefront of blockchain technology.”
NCFTA President and CEO Matt LaVigna stated:
“Over the last few years, we’ve seen a rise in cybercrime using cryptocurrencies, including hacking and ransomware. With Chainalysis, detectives can track the money on the blockchain, reducing the time required to trace a criminal’s financial network. Increasing crypto-literacy and blockchain skills will enable investigators to keep pace with the use of digital assets.
Vice President of Investigations at Chainalysis, Erin Plante, commented, “NCFTA is a multiplier for our industry-wide efforts to create confidence in blockchains. The news made today will enable NCFTA, its members, and Chainalysis to better combat cyber-crime by combining their common experience and collaborative approach to solving complicated cases and making cryptocurrencies safer for the general public.”