Chainalysis: Crypto scammers adapt to match market conditions

Bear Market

Crypto scammers are finding ways to adapt to the bear market despite revenue from scams halving last year, according to research from blockchain analysis firm Chainalysis.

A crypto crime webinar hosted by the company explained how scammers tend to shift their tactics as market conditions change.

Such tactics have allowed some scammers to continue to thrive, even though overall revenue from crypto scams fell by 46% in 2022.

Eric Jardine, cybercrime research lead...

24 March 2023 | Blockchain Applications

Ransomware revenue for hackers falls 40% as victims think twice

Security

Ransomware attacks may be coming less effective, as revenue from ransomware fell by 40% to $456 million (£368m) in 2022.

Blockchain analytics firm Chainlaysis shared the data as part of its upcoming 2023 Crypto Crime Report, emphasising that the reduced revenue doesn’t necessarily mean the number of ransomware attacks has fallen.

What has changed is that companies have been upping their cybersecurity measures and ransom victims are becoming less willing to pay up to...

21 January 2023 | Blockchain Applications

Cronos partners with Chainalysis for security and compliance support

Chainalysis x Cronos

Cronos, the native token of Crypto.com’s ecosystem, has partnered with leading blockchain analytics firm Chainalysis to bring security and data services to its token.

Previously known as Crypto.com Coin, Cronos (CRO) runs on the first Ethereum-compatible blockchain network to use Cosmos SDK technology. It fluctuates towards the end of the top twenty cryptocurrencies in terms of its market capitalisation.

The partnership has already added Chainalysis KYT (Know Your...

19 April 2022 | Altcoins

Crypto-based crime outpaced by total market’s growth in 2021

Crypto-based Crime

Crypto-based crime hit an all-time high in 2021, but the growth of the digital assets market as a whole far surpassed the rise in illicit activity.

A record $14 billion (£10.4bn) flooded into crypto wallets with criminal associations in 2021, more than doubling from the previous year, according to blockchain analytics firm Chainalysis.

Whilst this 79% increase may seem substantial, total market transaction volume grew by 567% from 2020’s totals. This leaves...

6 January 2022 | Cyber Security

Elliptic raises £44m in Series C funding round

Analysis

Blockchain analytics firm Elliptic has raised £44.1 million in a Series C funding round.

The funding was led by cybersecurity-focused Evolution Equity Partners, with participation from Softbank Vision Fund 2 and an array of existing investors.

As part of Evolution Equity’s leading investment, Richard Seewald, founder and managing partner at the venture capital firm, has joined Elliptic's board of directors.

Founded in 2013 and headquartered in London,...

12 October 2021 | Funding

Chainalysis support extended to six DeFi-focused tokens

Analysis Software

Blockchain analysis firm Chainalysis, which was recently valued at £3.6 billion, has added advanced investigation and compliance support for six widely-used ERC-20 tokens.

Of these tokens, five belong specifically to decentralised finance (DeFi) protocols, while the remaining ‘renBTC’ is designed to allow for the permissionless transfer of Bitcoin to and from Ethereum for use in DeFi applications.

Collectively during Q2 2021, the six tokens had a combined trading...

4 August 2021 | Altcoins

Chainalysis valued at £3.6 billion after series E funding

ICO - ICOBox

The blockchain analytics and intelligence firm, Chainalysis, has raised $100 million (£72m) after its fifth round of funding, bringing its total valuation to $4.2 billion (£3.6bn).

Funding was led by investment management company Coatue, with further funds being provided by Benchmark, Accel, Addition, Dragoneer, Sequoia Heritage and SVB Capital.

This latest round of funding follows on from a successful series D round back in March 2021 in which Chainalysis raised $100m...

6 July 2021 | Bitcoin

Chainalysis investigation shows connections between four notorious ransomware strains

Chainalysis, a blockchain analysis company, has released part of a report showing potential connections between four major ransomware cybercrime groups.

The company's 2021 Crypto Crime Report, which is due to be fully released in February, analyses blockchain ledgers to identify how cybercriminals are using cryptocurrencies.

Maze, Egregor, SunCrypt, and Doppelpaymer are the primary groups identified in the report.

Use of ransomware massively increased in 2020,...

9 February 2021 | Cryptocurrency