Chainalysis is the platform that controls blockchain technology and offers analysis and data to governments, financial institutions, and cryptocurrency platforms in many countries. It is one of the most effective tools to understand the evolution of technology and, above all, to detect cybercriminals. In this article we explain how it really works.
To better understand the role that Chainalysis has in hunting cybercriminals, we rely on Robert Stevens’ article for Decrypt, in which he explains “every movement you make on a public blockchain, buying, selling or exchanging cryptocurrencies, is recorded in the chain for all the world to see. ‘Chainalysis’ tools can analyze this publicly available transaction data from the blockchains. (…) Although the blockchains are pseudonyms, sometimes the owner of the wallet is known. So, if a known thief launders money through an exchange, Chainalysis could identify the flow of transactions and could let the exchange know that the stolen funds have entered their platform.”
In early 2021, Chainalysis released a report detailing cryptocurrency activity by region. The Association of Certified Specialists in Financial Crimes echoed the study and highlighted some of the conclusions about Latin America, who had sent cryptocurrencies worth 25,000 million dollars and received 24,000 worth in the period studied. According to the report, Latin America is “one of the smallest cryptocurrency economies by volume, surpassing only Africa and the Middle East. The region accounted for between 5% and 9% of all cryptocurrency activity in any given month throughout the period studied.”
Fancy joining them or learning more? Why not try the Certification in Cryptocurrency Fundamentals offered by Chainalysis, a course with the following objectives:
-Recognize the value and context of cryptocurrencies in relation to the traditional financial system.
– Understand the principles of blockchain technology that enables cryptocurrencies.
– Learn how Bitcoin works and how alternative cryptocurrencies differ.
– Know the crypto ecosystem, identifying key industry players, cryptocurrency applications, and regulatory developments.
– Understand how blockchain analytics can enable effective risk management.