Governments worldwide have been on a rampage with regulations regarding cryptocurrencies, contracting research and blockchain surveillance teams.
Over the past year, one company in particular has accrued a lot of money from government and law enforcement groups. That firm is Chainalysis, a blockchain surveillance team created in October 2014 by Jan Moller, Jonathan Levin, and Michael Gronager. At present, there are several teams that monitor blockchain activity, however, Chainalysis seems to be on top. They have worked with nearly every U.S. government agency and is furthermore hired by European organizations as well such as Europol. On record, the company has accrued $500,000 USD from the Department of Homeland Security (DHS), the Internal Revenue Service (IRS), Immigration and Customs Enforcement (ICE), and several other entities. The company is probably the most hired firm keen to following bitcoin transactions as multiple reports have unveiled many contracts and partnerships with it over the past twelve months.
Chainalysis’ website states that the company believes in cryptocurrencies and blockchain technology. Conversely, the company was put together to spot connections between digital identities and identify malevolent actors. The firm’s mission statement is to create apparatuses that respect user privacy and additionally thwart abuse within the financial system at the same time.
Companies that hire Chainalysis get reports on blockchain activity that include alerts and quarterly appraisals. The company aids organizations with orientating customers and assists them through showing exactly where funds are coming from by verifying blockchain sources. Chainalysis also says they have very competent “cyber threat intel” that can teach employees how to cope with blockchain related threats.
“Train your analysts to be able to spot incipient threats from the deep web and investigate extortion notes in-house,” underscores the New York-based blockchain surveillance firm.
The fact that Chainalysis is gathering a lot of clients withdrawing from governments and law enforcement entities is becoming more upsetting to privacy advocates who believe in the future of cryptocurrencies. The public records vis-à-vis funding Chainalysis for investigation is $500,000, but that’s just in the U.S. It is estimated that this one blockchain surveillance company has received millions from governments all around the world.