Former curator of the US sanctions policy will be advise Chainalysis
Sigal Mandelker invested in cryptocurrency startup Chainalysis
Mandelker will advise the company within their competencies
Chainalysis has big plans for the future
International consortium news organizations, developing transparency standards.
Former curator of the US sanctions policy will join the advisory board of the analytical company Chainalysis.
New investor and consultant
Former US Deputy Treasury Secretary Sigal Mandelker, who oversaw financial intelligence and counter-terrorism issues at the department, first spoke about her plans after Togo, as left Ministry of Finance and joined the venture capital firm Ribbit Capital at the beginning of this of the year. In addition to participating in the sale of the expanded Series B (Series B) in the amount of $ 49 million at Chainalysis, which cryptocurrency investigations, Mandelker will join the startup advisory board.
Mandelker and the venture capital firm Sound Ventures, founded by actor Ashton Kutcher, have invested in the previously announced Series B more large-scale development of a startup with aim strengthen relationships with government and use cryptocurrency transactions, including bitcoin, to track human rights violations and other illegal activities. The use of cryptocurrency for illegal purposes is more than than doubled in 2019 year – up to $ 11.5 billion, but this still just over 1% of the total transaction volume.
Thanks to investments, the company is valued at about $ 1bn, wherein Mandelker plans to meet with the Chainalysis team as needed to share information, received through her experience in investigating crimes based on blockchain, and help the team build new partnerships in both the public and private sectors. Previously Chainalysis was accused of spying on users.
“The fact that they are build relationships, excellent relationships with both financial institutions and the public sector, in Tom number with law enforcement, really is of great importance for the future of this industry, ”said Mandelker.
Mandelker achieved the first big success using digital currency to track illegal activity in 2008, when the Department of Justice team she leads helped convict the heads of the cryptocurrency company E-Gold for participating in money laundering funds, used to purchase child pornography, etc. In September 2019, Mandelker made one of the biggest breakthroughs in cryptocurrency investigations, announcing sanctions against three hacker groups that helped the North Korean government steal and launder billions dollars in cryptocurrency funds.
Development plans for Chainalysis
At present time new york company attracted a total of about $ 66 million from investors, including Accel, Benchmark and Digital Currency Group, has 158 employees and 295 clients, including Bank of Montreal and the IRS USA, which under the jurisdiction of Mandelker’s former employer, the US Treasury.
The company does not disclose the last income data, but in 2018 she made $ 8 million selling services to investigators dealing with cryptocurrency transactions, and companies, who want to be sure that they are complying with anti-money laundering requirements of money and know enough customer requirements to rank on the Forbes Next Billion-Dollar startup list. Although the company did not disclose the terms of this investment, CEO Michael Gronager stated, that this stage yet not implemented.
“We will try very hard to make it happen as can rather, “he said.
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