Blockchain database Synalysis has announced that it will assist cybercrime forensics firm Excise to help government agencies investigate a number of high-profile cybercrime cases, particularly ransomware attacks.
Excise, which is known for its collaboration with government and private clients in tracking down cybercriminals, will enhance Sinialysis’ efforts in monitoring digital currency transactions. It is compiled as a service by filling in existing capabilities with pre-existing web inquiries and operational data analysis for exclusive companies or by providing a complete investigation and analysis solution.
A Sinolysis blog post sheds light on the cooperation between the two companies in the past, where they helped prosecute government agencies that seized more than $ 1 billion (approximately Rs. 7,553 crore) in cryptocurrency built on the Silk Road.
“Cybercrime like ransomware is the biggest obstacle to building trust in cryptocurrency,” said Michael Gronager, co-founder and CEO of Synalysis, in a statement. “The expertise brought in by the Excise team is directly in line with our goal of improving the transparency of blockchains to eliminate bad actors from the ecosystem and ultimately promote greater financial independence with less risk.” Signalis wants to establish itself as a leading provider of software that allows government agencies and private sector companies around the world to detect and prevent cryptocurrency-related crimes and money laundering activities.
The company says “their work becomes more important only when cryptocurrency enters the mainstream” and new applications for their basic data such as market intelligence and business data are “emerging.”
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