Victor Ugochukwu · Dec 1, 2020 . 8min read
Chainalysis helps government sell seized crypto
Chainalysis launches a new service to help authorities sell seized crypto. It names the initiative as Asset Realization Program.
By Komal Joshi · Nov 13, 2020 . 5min read
Blockchain analytics platform, Chainalysis today revealed a new solution intended to help authorities track, custody, and sell crypto associated with the crime after their seizure. Chainalysis has declared readiness to help governments sell crypto seized from criminals. The firm describes the initiative as an Asset Realization Program. With its new program, Chainalysis strives to assist clients in several ways. It includes filing and selling of seized digital funds, citing conclusions to the once-illegally-used assets and legally moving them back into the ecosystem.
Chainalysis joins forces with Asset Reality.
Chainalysis’ Asset Realization Program targets government agencies, as well as bankruptcy practitioners. It also targets players that express insolvent entities. However, the program is also exposed to other interested groups. As part of the initiative, Chainalysis collaborated with Asset Reality, a company already operating in the confiscated-asset niche. The firm will operate with Chainalysis on various processes, including the sale of confiscated funds.
The news comes after the U.S. authorities announced that they leveraged Chainalysis investigative support. It seized more than $1 billion worth of bitcoin connected to Silk Road. The Department of Justice states that it took Chainalysis’ assistance in capturing the bitcoins to know and study the cryptocurrency wallets utilized in that case. The department determines that Silk Road made approximately 600,000 Bitcoins in commissions for promoting narcotics sales of illegal drugs, weapons, and other treacherous goods.
Apart from helping the officials to track, custody, and sell crypto associated with the crime after their capture, Chainalysis is also trading its bitcoin-tracing technology and compliance software to banks and brokers. It assists in controlling and linking digital identities to crypto. It has newly onboarded Wyoming’s Division of Banking. Wyoming’s Division of banking is the banking regulator accountable for the chartering and supervision of state banks. It assists the regulator fight sanctions against violations, money laundering, and other illegal activities that utilize digital assets.
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Komal Joshi · Nov 30, 2020 . 5min read