Cellebrite DI Ltd. (NASDAQ: CLBT), which claims to be a leader in Digital Intelligence (DI) solutions for the public and private sectors, and Chainalysis, the blockchain data platform, have launched a partnership to “enable customers to easily identify and assess criminal activity involving cryptocurrency during digital investigations to expedite their resolution.”
Cryptocurrency usage has “increased significantly over the past several years.”
While the vast majority of its use is for legitimate purposes, it has also been “exploited for illicit use in scamming, money laundering, ransomware, and more.”
The update also mentioned that as cryptocurrency artifacts are more frequently found in, and can be used as key pieces of, digital evidence, law enforcement and corporations “need access to cryptocurrency-related knowledge and tools to investigate criminal activity and help solve cases.”
Together, Cellebrite and Chainalysis are “enabling customers to modernize investigations by leveraging the transparency of blockchains.” The integrated solution will “provide automated, efficient capabilities and knowledge to identify and assess cryptocurrency risks and correlate such information to additional elements of a related case.”
Cellebrite’s DI suite of solutions will “reveal accurate, real-time cryptocurrency data and insights from Chainalysis’ data platform.” As a result of this cooperation, examiners, investigators, analysts, and compliance officers will “be able to seamlessly identify illicit cryptocurrency-related activity in a single place as part of their familiar digital investigation workflows.”
Cellebrite and Chainalysis are also “collaborating to empower customers to bridge the cryptocurrency knowledge gap.”
Together, they will “educate customers’ internal experts by offering cryptocurrency training and delivering cryptocurrency expert investigation services, as well as making Chainalysis’ Reactor, the investigation tool, available for advanced cryptocurrency tracing.”
Leeor Ben-Peretz, Chief Strategy Officer at Cellebrite, said:
“Cryptocurrency, as any other financial instrument, has become a vehicle for funding crime and laundering money, and as its adoption increases, our customers must be equipped with cutting-edge solutions to identify this important category of digital evidence.”
Ben-Peretz added:
“Providing our customers with an integrated cryptocurrency investigation solution will expedite their investigations through automation and help them seamlessly uncover a wider range of digital evidence within Cellebrite’s suite of Digital Intelligence solutions. We are happy to join forces with Chainalysis to further enhance our customers’ tools and knowledge, modernize investigations, and accelerate justice.”
Thomas Stanley, President and Chief Revenue Officer at Chainalysis, remarked:
“We are thrilled to partner with Cellebrite, the Digital Intelligence market leader, to expand our public and private sector customer reach and provide them access to Chainalysis’ solutions, training, and expertise. Together, Cellebrite and Chainalysis are committed to helping combat blockchain-related crime, improving trust and transparency in blockchains, and making cryptocurrency safer for all.”
The initial integrated solution is “expected to be available in Q3 2022.”
For more details on this update, check here.