Deloitte, one of the leading Big Four accounting firms, expressed that their newly formed partnership with crypto analytics firm Chainalysis has the potential to assist authorities in identifying and apprehending malicious individuals operating anonymously online.
By joining forces with Chainalysis, Deloitte aims to strengthen its clients’ ability to track blockchain activities. The alliance, which was officially announced during a Chainalysis conference in Washington DC on July 25, encompasses the utilization of Chainalysis’ blockchain datasets, analytics software, and training programs to support Deloitte’s clients in matters of cryptocurrency forensic investigations and compliance requirements.
According to a Chainalysis spokesperson, this collaboration has been in the works for years, with the primary objective of promoting blockchain technology adoption across various organizations.
Thomas Stanley, the president and chief revenue officer of Chainalysis, highlighted that the collaboration primarily targets shared clients, including law enforcement agencies, regulatory bodies, and financial institutions. Emphasizing the initial focus on the United States, the spokesperson believes that this initiative can be adapted by other global markets in the future.
Deloitte, in a detailed document outlining the partnership, addressed the challenges faced by government agencies when dealing with cryptocurrencies used to obscure transactions and launder ill-gotten gains. Additionally, the complexity of international regulations and the difficulty in obtaining information from foreign exchanges pose significant hurdles.
Chainalysis Boosts Cybercrime Prosecution Efforts
The partnership between Deloitte and Chainalysis is expected to play a crucial role in pinpointing the individuals responsible for cybercrimes and prosecuting them effectively. It aims to trace the flow of funds to entities associated with high risks or subject to sanctions.
Chainalysis will collaborate with Deloitte’s blockchain and digital assets practice, providing support in areas such as cryptocurrency and digital asset risk assessment, analytics, investigations, anti-money laundering/know your customer (AML/KYC) measures, and regulatory compliance.
Furthermore, Deloitte’s strong interest in the cryptocurrency space is evident from its recent posting of more than 300 job listings related to crypto roles, with nearly a third of them based in the United States.
In a separate initiative, Deloitte announced a partnership with the Web3 platform Vatom in late February. This venture aims to offer immersive experiences to various industries, including virtual reality applications for events, meetings, and employee training, as well as enhancing community engagement through metaverse experiences.