Blockchain
Chainalysis Joins Forces With BITPoint to Investigate Suspicious Transactions and Trace Hacked Funds
Chainalysis, the blockchain analysis company, today announced the integration of Chainalysis Reactor investigation software with BITPoint Japan (BITPoint), a Japan-based cryptocurrency exchange, to identify and trace funds and provide comprehensive investigation support across multiple cryptocurrencies.
Following a large hack of BITPoint’s exchange in July 2019 that resulted in $28 million worth of cryptocurrency stolen, BITPoint used Chainalysis Reactor to identify the stolen funds by tracing over one million transfers to their cashout destinations. Once located, Chainalysis issued alerts to cryptocurrency businesses who received BITPoint’s stolen funds, informing them of the Bitcoin addresses involved.
In 2019, BITPoint was one of 12 exchanges hacked, up from a total of 8 exchanges hacked in 2018. The median amount of funds stolen via exchange hacks also increased 6x year over year.
“Businesses like BITPoint are increasingly targets of hacks, especially those located in Asia,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “Our goal at Chainalysis is to not only help manage difficult situations like hacks, but also to arm our customers with the proper investigation software and support to ensure long-term regulatory compliance. That’s why we’re investing in the Japanese market to provide local support.”
Chainalysis serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses around the world, providing expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures. Chainalysis Reactor is the investigation software that connects cryptocurrency transactions to real-world entities, enabling cryptocurrency businesses and law enforcement to combat criminal activity such as fraud, extortion, and money laundering on the blockchain.
Through Chainalysis Reactor, law enforcement and businesses like BITPoint can quickly and efficiently identify suspicious transactions and connect them to real-world entities, which is particularly important in Asia where the number of cryptocurrency-related businesses continues to grow and become targets for hacks.
“Chainalysis’s industry leading investigation software and professional services team helped guide us through an extremely difficult, challenging time at BITPoint,” said Takashi Tashiro, General Manager Corporate Planning Dept. at BITPoint. “After seeing the tremendous capabilities of Chainalysis Reactor and working with the team under significant pressure, we realized the importance of continuing to work alongside Chainalysis to maintain ongoing investigations of suspicious activity and build a safe, robust platform for our users.”
Chainalysis recently released research examining the increasing sophistication of hacking techniques.
SOURCE Chainalysis Inc.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
CoreNest Capital Announces Strategic Investments in SpaceX, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, and Study Dojo
OpenAI, xAI, SpaceX, Weave Robotics, Blaze Payments, Domu AI, Phonely AI, Andromeda Surgical, Texture Capital, Artisan AI, Piramidal,Avatar Medical, OpenCall, Fleak AI, Algorized, itsElectric, Dili, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, Study Dojo, Sologenic, Coreum, Pulsara
Blockchain
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