Security

Chainalysis, Halborn Join Forces To Tackle Crypto Fraud

Crypto security specialist Halborn and Chainalysis are teaming up in a new initiative designed to arm clients with the technological means and know-how to both preempt and recover from instances of industry fraud.

The seven-phase planned partnership is designed to “help equip Web3 companies at any stage to prevent and respond to security threats that have plagued the industry,” both companies first told Blockworks in a statement on Tuesday.

Awareness of scams, frauds, and purported or documented crimes have kept crypto industry participants on edge in 2023. Industry participants say that has been especially true in recent weeks as the SEC and CFTC have continued their offensives against a number of major crypto players with US ties.

Scott Gralnick, who holds the title of director of channel partnerships at Halbon, told Blockworks in an interview on Tuesday that the ultimate goal of the crypto intercompany collaboration is to combine a couple of “preventive” and “proactive” firms to craft “preventative solutions.”

“With where [we are], I thought it was paramount that we keep this ecosystem safe and secure,” Gralnick said, referring to macro events and speaking on behalf of Halborn. “This [digital assets] ecosystem at large is lacking what this [industry[ needs to be safe in terms of security.”

His company now is up to a team of about 100 employees, which Gralnick referred to as “white hat hackers” in an industry with bad actors still abounding.

“Right now, what the ecosystem looks like reminds me of 2019…post ICO [boom],” he said. “All the scammers are sort of being flushed out of the system, and you’re getting back to the real builders in the space building products, keeping [their] heads down and getting ready for the [next] boom. We’re in the same type of environment.”

It’s designed to break things down into seven sequential phases, according to both companies. Halborn is responsible for executing phases one to five, as outlined in the image below, while Chainalysis is taking on the remaining two phases: “fraud prevention” and “ongoing monitoring.”

Source: Halborn and Chainalysis

The penultimate phase, according to the joint statement, is designed to prioritize “the detection of high-risk activities” with a focus on “preventing fraudulent transactions.”

“The key takeaway is that we’re trying to keep the ecosystem safe, and you can’t do anything on your own,” Gralnick said in the interview. “If you want to go fast, go alone. If you want to go far, go together.”

   

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