The i2 group is based in the UK and was founded in 1990
The firm works with law enforcement agencies and governments
Chainalysis is a crypto tracing and blockchain analytics firm
Members of the Web3 industry are ramping up efforts to curb criminal use of crypto
Photo Credit: Unsplash/ Alina Grubnyak
Intelligence analysis firm i2 Group is upgrading its internal software with blockchain technology to be better equipped to identify illicit uses of cryptocurrency. The company plans to integrate blockchain-based features to its link analysis platform, named Analyst's Notebook. i2 Group has partnered with blockchain data firm Chainalysis. With this step, the firm is looking to reduce its reliance on third-party sources like geospatial data to detect criminal and fraudulent activities, while training its public sector customers to use of blockchain-enabled data intelligence tools.
Chainalysis said in a prepared statement that cryptocurrencies are increasingly becoming a part of the global fintech ecosystem, and that law enforcement agencies from around the world need tools and training to identify miscreants misusing crypto to facilitate illegal transactions for money laundering or terror financing. The firm also said its blockchain capabilities will be integrated into the Analyst's Notebook platform. It would enable cybersecurity experts using the Analyst's Notebook to gather detailed insights on crypto-related activities that are suspected to be linked to illegal finances.
“The combination of Chainalysis' on-chain data with i2's link analysis platform marks a significant advancement in our mission to arm public sector agencies with the comprehensive blockchain insights they need to uncover complex illicit networks,” Chainalysis said.
This partnership comes as Chainalysis is ramping up efforts to tackle on-chain crime, which it claimed in a recent report, has become ‘increasingly diverse and professionalised'. This report released earlier this month said that the financial amount roped-in by illicit cryptocurrency addresses in 2024 was around $40.9 billion (roughly Rs. 353 crore). Nepal's Financial Intelligence Unit also recently raised red flags around the rise in crypto-based money laundering.
The firm will also help i2 Group upskill its customers from the public sector in blockchain-enabled data intelligence tools. “We are excited to partner with Chainalysis to bring on-chain data into our platform. This integration will enhance the capabilities of our users, particularly in the public sector, by providing a more holistic view of data and improving the quality of their investigations,” said Jamie Caffrey, Executive Vice President at i2 Group.
Other Web3 and blockchain firms are also taking steps to curb the exploitation of crypto assets to facilitate cross-border transfer of funds for illegal intentions. For instance, Tron, Tether, and TRM Labs established T3, a specialised financial crime unit to retrieve crypto funds related to criminal activities.
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