From solving Mt. Gox to tracing crypto used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.
It’s been more than a decade since 850,000 BTC went missing from Mt. Gox, yet the collapse of the former exchange remains one of the most infamous black swan events of the cryptocurrency ecosystem.
The search for answers and funds played a key role in the birth of crypto’s best-known blockchain analytics and tracing firm, Chainalysis, explains co-founder Michael Gronager. “These conversations with the banks, they all end in the same way. How do you do transaction monitoring? How do you track the funds you receive from someone that you are onboarding online?” Gronager tells Magazine.
“We were given the Mt. Gox investigation, which was the largest bankruptcy case in crypto history, and that really was about following the money. If it’s all on the blockchain, how is it that no one can find it? And so, you know, we worked it out and cracked that case.”in June 2023 by the United States Justice Department for allegedly hacking and laundering some 647,000 BTC from Mt. Gox.
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