BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF) (WKN: A2PS9W) subsidiary, Blockchain Intelligence Group signed a one year blockchain forensics deal with a foreign government agency and a law enforcement organization for USD$150,000.
The company announced the deal and its prospective new revenue stream and options for global expansion on Wednesday. The company withheld the names of the agency and law enforcement organization for the sake of confidentiality.
Blockchain Intelligence Group formed an agreement with The Supreme Prosecutor’s Office of a foreign country, providing it with the company’s blockchain analytics solution, QLUE.
QLUE stands for “Qualitative Law Enforcement Unified Edge.” It is a blockchain analytics solution developed by Blockchain Intelligence Group, a subsidiary of BIGG Digital Assets Inc.
QLUE assists law enforcement agencies and government organizations in investigating and resolving cryptocurrency-related cases. It traces cryptocurrency transactions from wallet to wallet or address to address along a blockchain.
Blockchain Intelligence credits contracts to QLUE’s ongoing development
The company will use QLUE to enhancing its digital forensic capabilities, streamline investigations and both swiftly and cost-effectively investigate and resolve cryptocurrency-related cases.
Blockchain Intelligence Group credits the successful contract acquisitions to QLUE’s ongoing development and enhancement, which is planned to ensure its readiness for new growth scales. The company aims to target similar partnerships globally by ensuring competitiveness and the highest reliability for law enforcement and government agencies.
QLUE presently has more than 1 million digital assets across multiple blockchain networks, including those primarily used by illicit actors. It also continues to onboard emerging crime-dense blockchains. The company provides certified investigator training and support to its clients, allowing them to confidently and affordably leverage blockchain technology and unlock the full potential of QLUE to close cases.
Blockchain Intelligence Group also places a strong emphasis on complying with legal and regulatory standards, guaranteeing the admissibility of QLUE’s findings in court.
The company is actively expanding its global presence and extending the reach of QLUE to a broader audience.
2022 was one of the worst years for crypto crimes
The recent developments and challenges in the cryptocurrency and online scam landscape emphasize the critical role of blockchain forensics in safeguarding digital assets and prosecuting cybercriminals.
In the past year, several large firms, including Celsius, Three Arrows Capital, FTX, and others, imploded, with some facing allegations of fraud, making it one of the most tumultuous periods in cryptocurrency history.
Adding onto the institutional struggles, the Federal Bureau of Investigation (FBI) reported more than $10 billion in losses from online scams in 2022, marking the highest annual loss in the last five years, according to a report from the bureau released in March.
The report compiles a wide variety of fraud complaints – from marketing scams to ransomware – and US policymakers use it as a metric to measure the economic cost of hacking and other schemes to the American economy.
The report also said that hackers executed 87 attacks using a popular ransomware variant called Hive last year. The bureau seized the computer infrastructure of Hive operatives earlier this year, but not before hackers affiliated with the ransomware extorted more than $100 million from hospitals, schools, and other victims around the world.
In an era where the digital landscape is constantly evolving the importance of blockchain forensics cannot be overstated.