Chainalysis

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Chainalysis
Chainalysis logo.png
Founded 2014
Headquarters New York, New York
Key People Michael Gronager, Co-founder, CEO; Jonathan Levin, Co-founder, COO; Jan Moller, Co-founder, CTO
Products Anti-money laundering software for Bitcoin businesses.
Twitter @chainalysis
LinkedIn Profile
Facebook Chainalysis
Website Chainalysis Home

Chainalysis’s mission is to look for patterns on the public bitcoin blockchain to help fight cybercrime.

Overview

In 2016, Chainalysis CEO Michael Gronager told ComputerWeekly.com, "Bitcoin transactions used to be anonymous, but our software is capable of linking the source and recipient, so, in effect, bitcoin has become less anonymous than cash." Chainalysis was working with various law enforcement organizations at the time in pursuit of the cyber extortion gang known as "DD4BC," which is meant to stand for "distributed denial of service for bitcoin."[1]

The venture funding arm of Japan's largest bank, Mitsubishi UFJ Financial Group, announced in April 2019 that it had invested $6 million in Chainalysis Series B funding round, bringing the round's total to $36 million.[2] With earlier funding rounds, Chainalysis has attracted $53 million in outside investment.[3]

In July 2019, Chainalysis became the first blockchain company to be listed on Forbes' "Next Billion-Dollar Startups List."[4]

Seeking the on ramp to what Maddie Kennedy, Chainalysis’s director of communications, called a "path to profitability," Chainalysis announced on November 21, 2109 that it was laying off 39 employees. After the reduction, Chainalysis's total headcount was 155.[5]

Mt. Gox

An early customer of Chainalysis, Kraken, the major U.S.-based cryptocurrency trading platform, contracted with Chainalysis to aid in its efforts to find the bitcoin lost in the Mt. Gox hack in 2014.[6] In 2017, co-founder Jonathan Levin testified before Congress that Chainalysis had found 650,000 of the missing bitcoin stolen from Mt. Gox.[7]

Ethereum Whales

In May 2019, a study published by Chainalysis revealed that one-third of the total supply of Ether, the native cryptocurrency of the Ethereum platform, was held by just 376 people worldwide.[8]

Suspicious transaction alerts

In August 2019, Chainalysis announced the launch of a new software product called Chainalysis Know Your Transaction (KYT), which gives alerts to users of cryptocurrency trading platforms when it detects suspicious crypto transactions. This product is an anti-money laundering (AML) product primarily for cryptocurrency trading firms and financial institutions.[9]

Key People

  • Michael Gronager - Co-founder, CEO
  • Jonathan Levin - Co-founder, COO
  • Jan Moller - Co-founder, CTO

References