KPMG Canada and Chainalysis Unite to Combat Crypto Frauds

• KPMG Canada Partners with Chainalysis to Strengthen Crypto Fraud Combatting Capabilities
• KPMG's Advanced Blockchain Monitoring and Support
• Rise in Digital Asset Sector Exploits and Frauds
• Utilizing KPMG's Expertise to Mitigate Fraud Risks
• KPMG Canada's Involvement in Cryptocurrency

KPMG Canada Partners with Chainalysis to Strengthen Crypto Fraud Combatting Capabilities

KPMG Canada, the Canadian division of the international consulting titan, is joining forces with blockchain analytics firm Chainalysis. The collaboration aims to empower businesses to counter the rising risks of fraudulent activity and criminal conduct within the digital asset industry.

KPMG's Advanced Blockchain Monitoring and Support

Through this partnership, KPMG's goal is to offer advanced blockchain monitoring, assistance, governance, and risk management for its clientele. This initiative enables enterprises to conform to the changing crypto regulations and bolster their anti-money laundering compliance strategies, as per a recent announcement.

"The partnership will strengthen KPMG's authority in forensic investigations and cryptoassets and blockchain technology, stated Kunal Bhasin, partner and cryptoassets and blockchain co-leader at KPMG Canada.

Rise in Digital Asset Sector Exploits and Frauds

The collaboration comes at a time when the digital asset industry is witnessing an increased and sophisticated prevalence of frauds and exploits. According to the 2023 Crypto Crime Report by Chainalysis, illicit transactions involving cryptocurrency hit a record-breaking $20.6 billion globally last year. The sector has been experiencing advanced exploits like wallet hacks and SIM swaps. Recently, cryptocurrency exchange Poloniex lost approximately $114 million after hackers compromised its hot wallets.

Utilizing KPMG's Expertise to Mitigate Fraud Risks

Leveraging KPMG's profound knowledge and experience in cryptoasset financial crimes with our platform's industry-leading risk capabilities will equip organizations with a more holistic approach to mitigating fraud risks in crypto transactions," said Jonathan Levin, Chainalysis co-founder and chief strategy officer.

KPMG Canada's Involvement in Cryptocurrency

KPMG Canada has been an active player in the cryptocurrency sector for some time. Last year, it ventured into the metaverse by establishing its first collaborative hub between its U.S. and Canadian operations. Additionally, the firm incorporated bitcoin (BTC) and ether (ETH) into its balance sheet and bought digital art from the World of Women (WoW) NFT collection.

Edited by Jonathan Stoker