It's hoped this new hotline will ensure no time is wasted in the hours that immediately follow an attack.
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Businesses that are ordered to pay a crypto ransom will now be able to call a dedicated hotline.
The blockchain intelligence firm Chainalysis has launched Crypto Incident Response, which aims to rapidly assist those who are being targeted by cybercriminals.
It's hoped this could benefit organizations who may have fallen victim to a ransomware attack, meaning their files are being held hostage unless Bitcoin or Monero is paid.
In other cases, victims may have had cryptocurrencies stolen from them.
The hotline is going to be open 24 hours a day, seven days a week — and from here, "Chainalysis will then assign a dedicated team of experts leveraging advanced investigative capabilities to work around the clock and side-by-side with the victim organization."
Chainalysis says it would also "help liaise with law enforcement and asset recovery counsel" if necessary.
Ransomware at All-Time Highs
While Chainalysis stressed that legitimate use of cryptocurrencies is far outpacing criminal activity, the volume of digital assets stolen through ransomware attacks and hacks is now at an all-time high. The company said:
"This presents national security concerns, degrades trust in cryptocurrency, and victimizes innocent people around the world."
It's hoped this new hotline will ensure no time is wasted in the hours that immediately follow an attack, with the blockchain intelligence firm warning:
"Time is of the essence, and immediately tracing and labeling funds in the Chainalysis platform can make the difference in preventing bad actors from cashing out their ill-gotten gains."
The company also noted that attacks "are increasing in frequency and severity, presenting a significant barrier to building trust in cryptocurrency." As a result, the persistent nature of hacks and ransomware attacks has the potential to affect the wider industry.