Chainalysis to help government store and sell seized cryptomeda

Chainalysis launched a programme that would help government agencies store and sell lost cryptomyces.

Blockchain intelligence and surveillance company Chainalysis announced it had launched a programme that would help government agencies and insolvency professionals sell seized crypto.

According to the official announcement, the new programme would serve to recover, store, monitor and sell cryptomoquids that have been seized by police. Chainalysis added that the need for digital asset realization services is increasing as law enforcement agencies continue to crack down on illegal activities involving cryptomoquids around the world.

Chainalysis will work with Asset Reality to effectively manage the new programme. Asset Reality manages and handles seized assets for public and private sector clients around the world. The two companies will partner to help determine how to sell the seized and confiscated cryptomorphs. Asset Reality has an experienced team of law enforcement and legal professionals who provide strategic consulting and training services on cryptomoquids and other complex asset classes to law enforcement agencies around the world.

The blockchain analysis firm explained that when government agencies discover and investigate illicit crypto assets, they seize and store them until they are legally confiscated. After confiscating assets, government officials and insolvency practitioners need a secure way to monitor, store, and ultimately sell cryptomoquers for fiduciary currency.

The new Chainalysis programme will help law enforcement with the storage and recovery services they need. This latest development comes in the wake of the US government’s largest seizure of cryptomorphs last week, worth over $1 billion.

Chain analysis tools and investigative services have helped agencies identify and investigate crypto portfolios used in fraud. Some of the funds were used (or should be used) to support narcotics sales in the Darknet, Silk Road market.

Jason Bonds, Chief Revenue Officer for Chainalysis, noted that „As crypto become more popular, they will be increasingly used by good and bad actors. Chainalysis is dedicated to building trust in digital assets, which means helping to detect and investigate illicit activities. As our government partners become more successful in eradicating evildoers, helping them recover and realise assets is the natural next step.

Chainalysis is launching this programme to respond to the Department of Justice and the US Marshal Service for help in storing and selling seized cryptomoracs. Law enforcement agencies around the world continue to struggle to store, trace and sell lost cryptomaches, mainly due to their limited knowledge of the new asset class.