Chainalysis analytics, a blockchain analysis firm, has announced readiness to help governments sell crypto forfeited from criminals.
Chainalysis analytics also aid governments in investigations of foul crypto transactions. Chainalysis now offer to help governments they work for sell-off seized digital assets, a solution to forfeited crypto seized from criminals. The analytics firm, alongside confiscated asset consultancy Asset Reality, unveiled a program (Asset Realization Program)to store and sell forfeited crypto.
With the partnership, governments that pay Chainalysis analytics to investigate foul crypto transactions would be helped to cash in on crypto they seize from criminals. Usually, Chanalysis investigations often lead to the seizure of large crypto sums. Last week, the U.S. Department of Justice (DoJ) forfeited over $1 billion in Bitcoin that was tracked via Chainalysis software.
Previously, the U.S. Marshals Service was responsible for auctioning crypto seized by the government. However, the Marshal Service has been demanding a private partner to aid in selling off seized assets.
What happens to crypto seized by government?
Since Bitcoin’s creation and the rise of the industry, malicious parties continue to use the digital asset for illegal transactions. The anonymous nature of the currency makes it easier for these criminals to launder money and pay for drugs, among other crimes.
Chainalysis analytics has been at the opposite end of these criminals helping authorities track, take custody, and sell cryptos associated with crime after their capture. Chainalysis also provide compliance and investigation software to the world’s leading banks, businesses, and governments.
Chainalysis’ general manager, Duncan Hoffman, said that the firm created an end-to-end solution that tracks assets seized by law enforcement.
Chainalysis analytics Asset Realization Program
The analytics firm with the Asset Realization Program aims to help its clients (governments, banks, authorities, etc.) to bridge illegally used coins and plowing them back into the crypto ecosystem.
Crypto has been used since its inception for several minor and high profile crimes. Criminals use the coin to launder money, scam, collect ransom, among other crimes.