Blockchain analytics firm Chainalysis has introduced a new program in a bid to help government agencies in coping with digital assets seized from cryptocurrency criminals. Known as Asset Realization Program, this newly-developed program will help authorities in tracking down confiscated cryptocurrency funds. Through this program, authorities can handle, realize, monitor, and sell these digital assets.
When government agencies confiscate stolen funds from cryptocurrency fraudsters and criminals, they find difficulty in managing those assets. They also look for a way to track down these assets safely and securely. Chainalysis’ new program is set to provide them with what they want. Law enforcement agencies will be able to store seized illicit digital assets after investigating them and they can continue to store these assets till the time they are relinquished legally.
The Asset Realization Program will not only be used by government law enforcement agencies but it will also be available for insolvency practitioners as well. Moreover, any other interested folk can tap this program for managing digital assets.
As per an official announcement made via a blog post on the 12th of November, Chainalysis has also made a partnership agreement with Asset Reality, a firm that handles seized digital assets for both private as well as public sectors from across the entire globe. Asset Reality will assist Chainalysis in determining how the seized digital assets can be sold. It will also provide its assistance on other crucial processes as well other than the selling of assets.
Chainalysis Chief Revenue Officer (CRO) Jason Bonds commented on this development saying that both bad and good actors will be utilizing digital currencies once they gain mainstream adoption. He said that the company is committed to developing trust in cryptocurrencies by providing their assistance in the detection and investigation of illegal activities. Additionally, he revealed that their next step is to help government agencies to realize and recover assets.
This news has come after Chainalysis helped the United States law enforcement agency in a case in which the agency seized $1 billion worth of digital assets associated with Silk Road. The blockchain analytics company provided its investigative assistance as well as key investigative tools to the agency in identifying digital currency wallets linked with the case.