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.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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