AlixPartners and Chainalysis enjoy teamed as a lot as toughen cryptocurrency compliance and forensic investigation products and services, addressing increasing fraud dangers.
AlixPartners, a financial advisory firm identified for its work in high-profile restructurings, presented a collaboration with blockchain analytics firm Chainalysis to fortify compliance and forensic capabilities in cryptocurrency.
As fragment of the partnership, AlixPartners would perhaps be half of the Chainalysis Products and services Provider program, expanding its offerings in “cryptocurrency tracing, forensics, compliance assessments and remediation, data analytics, and related knowledgeable gape testimony,” Chainalysis acknowledged in a weblog announcement on Oct. 31.
The collaboration addresses a vital need in the cryptocurrency industry, where fraud and regulatory challenges are mounting. In preserving with Chainalysis’ 2024 Crypto Crime Legend, crypto-basically based fully mostly illicit transactions reached $24.2 billion in 2023, highlighting the need for abilities in transaction tracing and likelihood administration. AlixPartners’ consultants, now Chainalysis Certified Investigators, will incorporate the firm’s blockchain tracing tools to expand crypto monitoring and compliance capabilities for purchasers.
From Madoff to FTX
Founded in 1981 by Jay Alix, AlixPartners is broadly identified for its restructuring work on cases equivalent to Frequent Motors, Enron, and Kmart. In the cryptocurrency site, its most modern work contains helping FTX’s unique administration with monitoring billions in lacking funds following the trade’s collapse in 2022. The firm’s forensic abilities turn into also highlighted in the Bernie Madoff case, where it identified affected traders in a single of the supreme Ponzi schemes in history.
AlixPartners’ head of business advisory, David White, emphasized that the alliance with Chainalysis would fortify its forensic investigation capabilities in the cryptocurrency sector. Shannon Hughes, head of partnerships at Chainalysis, praised the collaboration as fragment of the firm’s mission to “produce belief in the style ahead for finance” by expanding its investigative attain.
