Following the recent confiscation of $1 billion worth of bitcoin (BTC) by the United States government, popular blockchain analysis company, Chainalysis today announced that it had been awarded the government contract to sell out cryptocurrencies tracked and seized from fraudsters.
Chainalysis said its tools and investigative assistance helped the US authorities in investigating and tracking the crypto wallets involved in the $1billion case, which was meant to promote the sales of narcotics on Silk Road.
According to the announcement, the analysis company will be partnering with the confiscated assets management company, Asset Reality to structure a program primarily for storing and selling forfeited cryptocurrencies.
The forfeited crypto storing and selling program will focus on selling the assets likely to government clients who Chainalysis have in the past helped to monitor and track down illegal crypto transactions for, earning millions of dollars in the process.
Commenting on the increasing adoption of bitcoin and other digital currencies as a blind for criminal activities, Chief Revenue Officer at Chainalysis, Jason Bonds said: “As cryptocurrencies become more mainstream, they will increasingly be used by good and bad actors alike.”
However, Bonds continued; “Chainalysis is dedicated to building trust in digital assets, and that means helping to detect and investigate the illicit activity. As our government partners become more successful in rooting out bad actors, assisting them with asset recovery and realization is a natural next step.”
Combining the wealth of complex confiscated asset management experience of Reality Assets and Chainalysis real-time alert suspicious tools will make up a formidable team designed to monitor, store, and eventually sell forfeited cryptocurrency assets for fiat currency.
With Chainalysis in the blockchain and crypto space to track illegal transactions, individuals and exchanges alike have boosted their security strength by adopting the company’s tools.
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Author: Ruth Shadrac