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Blockchain intelligence and surveillance firm Chainalysis has revealed the launch of a new program that aims to help governments and bankruptcy traders sell seized cryptocurrencies. The news follows the recent seizure by the US government of more than 69,000 BTC worth over $ 1 billion on November 3.
Blockchain surveillance firm Chainalysis has announced the launch of a new program that targets the recovery, storage and sale of crypto assets that have been seized by law enforcement.
“[The] asset realization program [will] help government agencies and bankruptcy trustees manage, store, implement and monitor seized assets, ”Chainalysis said Thursday.
Chainalysis explained that when law enforcement agencies work with illicit cryptocurrency assets often the entity will have to not only seize the cryptocurrencies, but also hold them until legal confiscation.
The firm believes licensed professionals, bankruptcy trustees and governments around the world will need a reliable program that can be a “safe way to track, store and ultimately sell seized cryptocurrency assets for fiat currency.”
“As cryptocurrencies become more mainstream, they will be used more and more by good and bad actors,” Chainalysis chief revenue officer Jason Bonds said Thursday. “Chainalysis is dedicated to building trust in digital assets and that means helping to detect and investigate illegal activities. As our government partners become more successful in eradicating bad actors, helping them with the recovery and realization of resources is a natural next step. “
The Chainalysis announcement also notes that the company has partnered with a company called Asset Reality. The Asset Reality wealth advisory service manages the seized cryptocurrencies and the company works with global law enforcement agencies to manage “complex assets”.
The announcement also explains that Chainalysis helped US law enforcement “identify and investigate the cryptocurrency wallets used” in the recent Silk Road bitcoin confiscation.
The introduction of the new program offered by Chainalysis follows US law enforcement agencies such as the Department of Justice and the US Mashal Service asking for help in archiving seized cryptocurrencies.
During the Silk Road auctions years ago, US marshals were tasked with storing and auctioning the confiscated bitcoin cache. However, in April 2020, both agencies published a request for “storage, maintenance and disposal of the seized / confiscated virtual currency”.
What do you think of Chainalysis and the recent program to store and sell seized cryptographic assets? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, US Marshals, DoJ, beta.sam.gov,
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