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Blockchain analytics company Chainalysis has integrated its Chainalysis Reactor investigation software with BITPoint Japan, a Japan-based cryptocurrency exchange, to identify and trace funds and provide comprehensive investigation support across multiple cryptocurrencies.
It can be recalled that BITPoint suffered a major hack in July 2019 in which it lost $28 million worth of cryptocurrencies.
According to a press release, BITPoint has been using Chainalysis Reactor to identify the stolen funds by tracing over one million transfers to their cashout destinations. Once the funds are located, Chainalysis issues alerts to cryptocurrency businesses who received the stolen funds, informing them of the bitcoin addresses involved.
"Businesses like BITPoint are increasingly targets of hacks, especially those located in Asia," said Jason Bonds, Chief Revenue Officer, Chainalysis. "Our goal at Chainalysis is to not only help manage difficult situations like hacks, but also to arm our customers with the proper investigation software and support to ensure long-term regulatory compliance. That's why we're investing in the Japanese market to provide local support."
Chainalysis Reactor is the investigation software that connects cryptocurrency transactions to real-world entities, enabling cryptocurrency businesses and law enforcement to efficiently identify suspicious transactions and combat criminal activity such as fraud, extortion, and money laundering on the blockchain.
"After seeing the tremendous capabilities of Chainalysis Reactor and working with the team under significant pressure, we realized the importance of continuing to work alongside Chainalysis to maintain ongoing investigations of suspicious activity and build a safe, robust platform for our users,” said Takashi Tashiro, General Manager Corporate Planning Dept. at BITPoint.
BITPoint was one of the 12 exchanges that were hacked last year – up from a total of 8 exchanges hacked in 2018. It resumed its trading services in August.
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