Europol's European Cybercrime Centre (EC3) and Chainalysis – a technical services provider able to spot connections between digital identities, have concluded a Memorandum of Understanding (MoU) together. This MoU allows for enhanced cooperation in the joint public-private fight against the growing problem of cybercrime. This strengthened cooperation was underlined by this signing and stems from earlier joint activities in which both parties have already been engaged.
Combating today's digital security challenges requires a collective approach in which law enforcement and private industry are compelled to work closely together. In this complex environment, such partnerships are becoming increasingly important, especially due to the rapid rate at which technology continues to evolve. In particular, this MoU allows for the exchange of expertise, statistics and strategic information on cyber threats between the two parties.
Cooperation between Europol's EC3 and Chainalysis is already leading to successful remedial activities, in particular in the field of crypto currencies. In addition, further cooperation in this area and others have been identified with the potential to expand the sharing of cyber threat intelligence and in tackling other cyber related issues.
Steven Wilson, Head of Europol's European Cybercrime Centre said:
"I welcome this signing of a Memorandum of Understanding between Europol and Chainalysis. Close working co-operation between law enforcement and industry is the only way to successfully tackle the significant threat from cybercrime. Chainalysis bring a level of expertise that will be of significant benefit to our Europe wide investigations. I look forward to developing a rewarding partnership that will make the people and businesses of Europe safer online"
Michael Gronager, Chief Executive Officer of Chainalysis, said:
"It is with great pleasure I signed the Memorandum of Understanding between Europol and Chainalysis. We have worked extensively with regulated entities and law enforcement in both US, Asia and Europe to help protect people and businesses from cyber crime attacks. This new collaboration is an important next step in the endeavour to move digital currencies out of the hands of criminals and into the hands of consumers and blooming commerce."