Blockchain Alliance looks to protect bitcoin from cyber criminals

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The Chamber of Digital Commerce and Coin Center have teamed up with some of America’s biggest companies to form the Blockchain Alliance, a non-profit organization formed to serve as a public-private forum for the bitcoin community and federal law enforcement agencies.

 

Fighting back against cyber crime

Formed on the 22nd October, the alliance looks to leverage blockchain technology in order to fightback against cyber criminals.

The group will serve as a resource for law enforcement to benefit from the expertise of some of the brightest minds in the blockchain industry for technical assistance in response to challenges faced during investigations.

Bitcoin security has always been a problem. In August Payment Eye reported that Mark Karpelès, founder and former head of collapsed bitcoin exchange Mt Gox, had been arrested over the disappearance of digital currency worth nearly $390 million. Since then US authorities have recuperated the missing bitcoin and have sold the entirety of it at auction.

 

‘Enforcement and regulation’

Led by Jason Weinstein, former Deputy Assistant Attorney General in charge of cybercrime investigations at the Department of Justice, the alliance has the support of industry giants, including Chamber of Digital Commerce, Coin Center, MIT Media Lab’s Digital Currency Initiative BitFinex, BitFury, BitGo, Bitnet, BitPay, BitStamp, Blockchain, CoinX, ItBit, Kraken and Noble.

‘‘By addressing misperceptions about Bitcoin, other digital currencies, and the blockchain generally, and by highlighting the industry’s good-faith efforts to cooperate with investigations, we can promote an approach to enforcement and regulation that does not stifle innovation,’’ the group said in a statement.

The Blockchain Alliance is engaged with the Department of Justice, including the FBI and the US Marshals Service, the US Secret Service, Immigration and Customs Enforcement Homeland Security Investigations, and the Commodity Futures Trading Commission.

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