Blockchain Firm ChainAlysis Slammed for Spying on People and Making Money on It

News
Sat, 02/15/2020 - 10:00
Yuri Molchan
Weiss Crypto Ratings agency bashes the blockchain investigation firm Chainalysis for spying on people via blockchains
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Contents

The financial ratings agency Weiss Ratings, or rather its 'Weiss Crypto Ratings' version, has published a post criticizing the famous DLT analytical agency Chainalysis for spying on regular users and getting paid for this.

$24 mln from the US government

Weiss Crypto Ratings has presented information from publicly available records that within five years the blockchain sleuth Chainalysis (which always comes in useful when yet another crypto exchange sufferes a new hacker attack) has received more than $10 mln from the government of the US for spying on people using public blockchains.

Chainalysis is about to receive another $14 mln, the tweet goes.

Government is the only interested party in sponsoring surveillance on the blockchain, Weiss Ratings says. However, the agency insists, this state of things is good for open blockchains, since it will make them stronger.

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Chainalysis changes sides

Earlier this week, the media reported that Jonathan Levin, a Chainalysis co-founder, stated that full transparency is not good for crypto, while previously the firm had supported privacy.

Chainalysis is the major source of data for such legal bodies as IRS and the FBI. Weiss Ratings says that speaking against decentralization and privacy is easy when you get paid by the government.

“The hypocrisy is strong with this one.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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