The analytics firm Chainalysis is launching a programme to help government agencies store and sell seized cryptocurrency.
Following the US gov’s record-breaking $1B seizure last week, we’re announcing the launch of an asset realization program to help gov agencies & insolvency practitioners handle, store, realize, and monitor seized assets: https://t.co/aV3E3QVH9l
— Chainalysis (@chainalysis) November 12, 2020
Asset Reality, a firm specialising in asset seizure management, is Chainalysis’s partner.
“As our government partners press on in the fight against wrongdoing, assistance in recovering and realising assets is the next logical step”, the statement said.
Authorities in the United States had previously sold seized bitcoins at auction. In June, the U.S. Marshals Service issued a request for proposals to appoint a contractor to oversee digital assets from seizure to eventual sale.
Chainalysis unveiled the new solution after November 3, when the U.S. Department of Justice confiscated 69,370 BTC linked to Silk Road. The company aided authorities in tracing 54 transactions.
In October, Chainalysis reported revenue growth amid heightened demand for cryptocurrency-transaction-tracking tools from law enforcement agencies.
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