RATE Group | Chainalysis Joins Forces With BITPoint to Investigate Suspicious Transactions and Trace …
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Chainalysis Joins Forces With BITPoint to Investigate Suspicious Transactions and Trace …

30 Jan Chainalysis Joins Forces With BITPoint to Investigate Suspicious Transactions and Trace …

Posted at 16:27h in Cryptocurrency News by

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NEW YORK, Jan. 30, 2020 /PRNewswire/ — Chainalysis, the blockchain analysis company, today announced the integration of Chainalysis Reactor investigation software with BITPoint Japan (BITPoint), a Japan-based cryptocurrency exchange, to identify and trace funds and provide comprehensive investigation support across multiple cryptocurrencies.

Following a large hack of BITPoint’s exchange in July 2019 that resulted in $28 million worth of cryptocurrency stolen, BITPoint used Chainalysis Reactor to identify the stolen funds by tracing over one million transfers to their cashout destinations. Once located, Chainalysis issued alerts to cryptocurrency businesses who received BITPoint’s stolen funds, informing them of the Bitcoin addresses involved.

In 2019, BITPoint was one of 12 exchanges hacked, up from a total of 8 exchanges hacked in 2018. The median amount of funds stolen via exchange hacks also increased 6x year over year. 

“Businesses like BITPoint are…

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