Deloitte, Chainalysis alliance to give law enforcement a crypto edge

Big Four accounting firm Deloitte said the partnership could help authorities identify and take down bad actors hiding "behind the keyboard."

Professional services giant Deloitte is set to boost its clients’ blockchain-tracking capabilities following a strategic alliance with crypto analytics firm Chainalysis.

Announced during a Chainalysis conference in Washington DC on July 25, the tie-up will see Chainalysis’ blockchain datasets, analytics software and training programs assist Deloitte’s clients with their crypto forensic, investigative and compliance needs.

A Chainalysis spokesperson told Cointelegraph that the alliance had been in the works for years, with the aim of helping more organizations to adopt blockchain technology.

Thomas Stanley, president and chief revenue officer of Chainalysis said the collaboration is aimed at their mutual clients, including law enforcement agencies, regulators and financial institutions.

"We’re starting with a focus on regulators, law enforcement, and financial institutions given where they are at in their adoption of this technology and the unique overlap of our customer base," the spokesperson added, noting that it will be introduced United States first. 

"We're initially rolling this out in the United States, but it is something that other markets can readily adopt. It’s our belief that other global markets will follow suit."

In a document outlining the alliance, Deloitte said some of the challenges faced by government agencies include when cryptocurrencies are used to obfuscate transactions and launder the proceeds of crime, while the international regulatory landscape creates difficulty obtaining information from foreign exchanges.

Some of the challenges government agencies face when it comes to crypto. Source: Deloitte

Deloitte said the partnership with Chainalysis could help “identify the actors behind the keyboard and effectively prosecute them,” including tracing the flow of funds to high-risk or sanctioned entities. 

Related: How the IRS seized $10B worth of crypto using blockchain analytics

“Chainalysis will work with Deloitte’s blockchain and digital assets practice across cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance,” added Chainalysis.

Deloitte, known as one of the world’s Big Four accounting firms, recently posted over 300 job listings for cryptocurrency-related roles, 97 of which were based in the United States.

In late February, Deloitte announced a partnership with Web3 platform Vatom to provide immersive experiences to different industries, from using virtual reality for events, meetings and employee training to brands focused on building community engagement with metaverse experiences. 

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

Comments

Post a Comment

Popular posts from this blog

Shiba Inu: Here's How Much SHIB Can Rise in 2025

Image
Shiba Inu (SHIB) has a lot of expectations tied to its protocol. Countless individuals are invested in the project, in the hopes of becoming wealthy. However, is the asset going to deliver again? That remains a question only time will answer. At the moment, experts at Finder have given their opinion on how SHIB may perform till the year 2025. According to a survey, Shiba Inu (SHIB) is anticipated to reach $0.00004930 by the year 2025. The panel included 55 fintech specialists. Source: Finder Among the panelists, some are more optimistic about SHIB than others. According to Alexander Kuptsikevich from FxPro, SHIB could reach upto $0.0001 by 2025. Yet, Kuptsikevich did say that “It is unlikely to roar as it did in 2021.” Nonetheless, he did add that SHIB “can ride the future waves of the crypto market.” Will Shiba Inu actually reach $0.00004930? It should be noted that the survey was conducted in October 2022. Since then, SHIB has unveiled a lot more projects and initiatives that co...
Read more

Twitter thread shows Coinbase’s servers may be compromised

A Coinbase user recently shared a Coinbase-related scam story indicating that the exchange’s servers might be compromised . Jacob Canfield, a YouTube host and bitcoin enthusiast, claimed he received a text message about a changed two-factor authentication (2FA) setting on their Coinbase account. Shortly after, he got three phone calls from an individual claiming to be a Coinbase customer support representative. The calls originated from a San Francisco number, adding to the illusion of legitimacy. Holy shit. I just got attacked with one of the most complex scams in #crypto that I have seen to date. Please read if you use @coinbase. This just happened 15 minutes ago. THIS IS A WARNING FOR ALL COINBASE USERS! There has been some sort of a data breach. First, I… pic.twitter.com/aOVWLpAtY4 — Jacob Canfield (@JacobCanfield) June 13, 2023 During the calls, the impersonator asked whether Canfield was traveling outside the US and whether he had requested changes to the email ...
Read more

Bitcoin skeptic Charles Schwab bank deposits down 30% YoY, while BTC is up 50%

Image
The Charles Schwab Corp. (NYSE: SCHW)  is among the most affected financial firms facing a drop in customer deposits due to the increased interest rate environment in the United States, according to its Q3 2023 report. This presents a real challenge for a company that relies primarily on clients’ uninvested cash to fund its interest-earning businesses. Charles Schwab’s consumer bank deposits tumbled 28% year-over-year (YoY), causing its net interest revenue to drop 23.5% in the third quarter, which also negatively affected its quarterly revenue of $4.61 billion (-16.2% from Q2). A recent post on X (Twitter) by the event-driven trader Gurgavin Chandhoke highlights Charles Schwab as the financial company with more accumulated losses in bank deposits since Q3 2022. BANK DEPOSITS OVER THE LAST 1 YEAR BMO UP 21% AMERICAN EXPRESS 20% SCOTIABANK UP 9% CIBC UP 4% RBC UP 3% JP MORGAN DOWN 1.2% CITI DOWN 2.5% GOLDMAN DOWN 2.5% TD DOWN 2.6% BANK OF AMERICA DOWN 3% WELLS FARGO D...
Read more