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Chainanalysis has admitted that they have no scientific evidence of their software's accuracy - The same software that has been used by Law Enforcement to imprison people

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by COINS NEWS 12 Views

Hey folks,

My first actual post on this sub so go easy please.

For those who are unaware, let me first share a little explanation on who or what Chainanalysis, the company is and what their software does.

"What is ChainAnalysis?"

From their own website, here is what they're about:

Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. 

So basically, they offer chain forensics services to track funds and help law enforcement in cases is what's important to us here today. Here's a link to their website if you want to learn more.

During the case of a popular Bitcoin mixer creator, Roman Sterlingov in the U.S., the head of investigations Elizabeth Bisbee has admitted that there is no scientific evidence to the accuracy of their software, the same software which has been used in many cases to imprison people.

Credit has to go to L0la L33tz, a Bitcoin and privacy advocate within the space who wrote a Coindesk article, which was later censored due to its containing a perceived personal attack on a Chainalysis employee:

However, the reality there is that Coindesks Parent Company, DCG, also has investments in Coindesk: (Give this tweet some love and follow her account)

Finally, L0la L33tz was on Peter McCormack's What Bitcoin Did earlier this month - The first half of the podcast is relevant to this topic while the later parts of the podcast go more towards the general state of journalism and media at this time:

What are your thoughts on ChainAnalysis admitting in court that there software has no guarantees of accuracy and this being used to imprison people and for compliance purposes?

Why is this not bigger news in the space? I see Chainanalysis articles being posted pretty regularly on the sub.

Thanks for reading, let me know your thoughts or any feedback you might have on my post! Peace out everyone :)

submitted by /u/lovelybittabusiness
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