With over $4b in stolen cryptocurrency so far this year in hacks alone, the growing number of Hacks, Scams, Ransomware, Ponzi schemes and other nefarious actions call for the need of an effective system for victims to attempt to reclaim these funds. Yet, there is no full solution accessible to victims on the market that facilitates the legal recovery of these stolen assets. Leading blockchain analytics and AML firm Coinfirm in cooperation with global risk solutions provider Kroll, a division of Duff & Phelps, has just announced the launch of the first such public solution with ReclaimCrypto.
Coinfirm’s CEO and Co Founder Pawel Kuskowski spoke on the launch and the importance of Reclaim Crypto, “The market we are jointly approaching with our partners like Kroll is already reaching $10 billion and the combination of our leading AML and analytics solutions with further investigative and legal abilities will deliver this needed solution for this growing market. Coinfirm’s aim has been to create solutions that helps solve the pain points of crypto businesses while creating initiatives that help crypto stakeholders and the community. We believe ReclaimCrypto is a game changer that not only is helping solve an already existing problem worth billions of dollars but will help prevent bad actors from taking such actions in the first place.”
Although most of the focus will be around BTC and ETH, Coinfirm will have ReclaimCrypto offering services to victims to recover stolen across their market leading crypto coverage including, BTC, ETH, ERC tokens, XRP, BCH, LTC, NEO, DASH, and more to be included in the near future. These hacks and scams touch and move across various forms of blockchain assets so blockchain coverage is very important for overall effective market solutions for crypto.
Benedict Hamilton, Managing Director at Kroll, commented on the collaboration. “Coinfirm has shown leadership in data quality and coin market coverage that in combination with our capabilities we can now provide the market with a new confidence to investigate, analyse, and pursue suspicious activity involving cryptocurrencies.”
At launch, a dedicated site lets users submit their case details which will be further validated and analysed by the Coinfirm team. Once far enough in the process, the case data will be provided to partners such as Kroll to further execute the process and reclaim the cryptocurrency if possible. Victims can already submit their initial details to Coinfirm on the ReclaimCrypto page and begin the process. Not long ago Coinfirm also released a first of its kind system “AMLT Token Network” allowing global crypto users to report nefarious addresses related to things such as hacks and scams and in return rewarding them for it. This system is helping build a vast data library of addresses used to limit bad actors and create a safer crypto economy when attached to the Coinfirm AML Platform. With ReclaimCrypto, Coinfirm is now taking another step in providing the blockchain economy an easily accessible needed solution, this time with other market leaders in their field to help address a $10b elephant in the room.
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of cryptocurrencies and blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE. For more information, visit www.coinfirm.com
Kroll is the leading global provider of risk solutions. For more than 45 years, Kroll has helped clients make confident risk management decisions about people, assets, operations and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security, and data and information management services. For more information, visit www.kroll.com
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Last modified (UTC): October 31, 2019 12:05 PM