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- BITPoint managed to use a Chainanalysis reactor to identify funds stolen through more than a million transactions after a 19-year breach.
- Chainanalysis is well known for its reports regarding the illegal transactions that involve Bitcoins and other cryptocurrencies.
- BITPoint incurred a loss of over 3.7 billion Yen due to the illegal transfer of cryptocurrencies like BTC and XRP.
Chainanalysis, a US-based cryptocurrency tracking organization, announced that it would bring its investigation tool “Chinalysis Reactor” into the system of domestic exchange BITPoint Japan.
Chainanalysis is well known for its reports regarding the illegal transactions that involve Bitcoins and other cryptocurrencies. Recently, it revealed that according to their research, the number of illicit transactions taking place through Bitcoins might have surpassed the $1 billion mark in 2019.
However, the good news is that as compared to the amount of Bitcoin spent on legal transactions, those used for illegal activities are on a continuous decline. With the help of Chainanalysis, BITPoint would be able to warn about the suspicious transactions and detect the addresses linked to the cryptocurrency with the help of this tool.
As per the press release, BITPoint managed to use Chainanalysis reactor to identify funds stolen through more than a million transactions after a 19-year breach. Subsequently, a message sent to the cryptocurrency-related business that sent those funds.
In July of 2019, BITPoint incurred a loss of over 3.7 billion Yen due to the illegal transfer of cryptocurrencies like BTC and XRP. The damage caused by these transactions affected not only the Japanese users but also those living in Taiwan, where transactions worth 250 million Yen were
After these incidents, the company has started to increase its security by taking steps such as introducing a 100% cold wallet management of assets owned by its customers. It has also added a two-phase authentication procedure to all cryptocurrency transfers. This time around, Chainanalysis would also be a part of this security system.
BITPoint’s chief gave a statement regarding there where he said that we got the cooperation of Chainanalysis during our times of difficulty, and we have decided to get them onboard for enhanced security.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
