The CEO of leading blockchain analytics firm, Chainalysis, Michael Gronager speaking at the Web summit 2022 said the volume of crypto crimes in 2021 still trumps that of 2022. Like every market and industry, there have been several reports of scams and hacks on projects and individuals all through the years past.
According to Michael, hackers are broken down into two types – nation state (like the North Korean Lazarus Group hackers) which is the most dangerous and the everyday hacker. The CEO said Chainalysis was created in 2014 to help track data of how users move crypto assets from platforms which has become an important part of tracking crimes as well.
Investing in Chainalysis, bear market and tokenization
Michael explained that when Chainalysis started, it was difficult and awful to raise money or even get an office space. He mentioned that potential investors and business partners were skeptical when they reached out to them because of their involvement with crypto-related ventures, especially Bitcoin.
Philippe Botteri of Accel who is an investor in Chainalysis explained that the attraction for Chainalysis was the opportunity, potential, and usefulness of the product in the growth of the crypto ecosystem. We have enjoyed a good relationship because of effective communication and trust between the team, Botteri said.
Crypto winter or NFT winter?
In a response to the state of the market by Marjorie Paillon of France 24, Michael said that the crypto market is in a winter season. Although it’s a circle, the crypto market reflects the traditional market at certain times while going in a different direction at other times.
We can’t call this crypto winter but NFT winter because the prices of Bitcoin and Ethereum in 2019 is smaller than what it is today while most NFTs are down with the exception of those with good utilities like Sorare, Philippe added. Prices of NFTs were driven by speculations and not true value.
Speaking about the future of Web3 and tokenization, Michael noted that tokenization of real world objects or properties is like content of the blockchain. This will help unlock liquidity for owners as several assets become tokenized. For Philippe, simplification is the next phase of Web3 to enable the onboarding of more users.
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