Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»Cryptocurrency project sues Chainalysis
BITCOIN NEWS

Cryptocurrency project sues Chainalysis

By Crypto FlexsDecember 26, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cryptocurrency project sues Chainalysis
Share
Facebook Twitter LinkedIn Pinterest Email

The new year looks set to be off to a tumultuous start for Chainalysis. The trial for Roman Sterlingov, set to begin on February 12th, is accused of laundering millions of dollars in money. In addition to calling into question the credibility of Chainalytic Reactor, he is currently being sued by cryptocurrency project YieldNodes.

In its 2023 Crypto Crime Report, Chainalytic claimed that YieldNodes, a Hong Kong-based project that rents computing power to participate in masternode pools, is a scam. In a graph summarizing cryptocurrency fraud activity, Chainalytic described YieldNodes as the second-largest cryptocurrency fraud by revenue in 2022, with a total of $341.6 million. In particular, Chainalysis’ graph failed to capture FTX, one of the largest cryptocurrency scams to date, which embezzled $8 billion in customer funds.

“They made no attempt to contact us prior to publishing the report. When we attempted to contact them to discuss the report, they referred us to a sales representative and attempted to sell us a license for the software.” YieldNodes wrote in its newsletter. .

Chainalysis’ classification had devastating consequences for YieldNodes’ business by blocking participants from depositing and withdrawing profits from the exchange. The reputational damage continued as Chainalytic’s claims spread across the media and resulted in the YieldNodes product being removed from trading platforms.

In a short statement, YieldNodes said it learned about Chainalytic’s classification after receiving transaction errors from participants. YieldNodes now acknowledges that Chainalytic lacks scientific evidence for its flagship product and accuses it of “prioritizing marketing over reliability,” citing limitations in false positive rates, false negative rates, and error rates.

Last July, YieldNodes encouraged projects to join a possible class action lawsuit against Chainalytic, citing the company’s size and the associated costs of challenging Chainalytic’s claims in court. Founded in 2014, Chainalytic is a blockchain surveillance company that provides its products to exchanges, financial institutions, and law enforcement agencies, including ICE, IRS, FBI, SEC, and DEA. Chainalysis has received more than $3.3 million since 2020 from InQTel, the CIA’s nonprofit venture capital arm.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

The US government posts GDP data on Bitcoin block chain.

August 28, 2025

Ether ETF is a comeback of $ 280 million, with bitcoin leaked stripes hit on the 5th.

August 22, 2025
Add A Comment

Comments are closed.

Recent Posts

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025
Most Popular

RSS3 announces mainnet with groundbreaking dual-layer utility for RSS3 tokens

January 19, 2024

Telos secured $1 million in funding from Presto Labs to develop SNARKtor-based L2 and SNARKtor Labs.

May 8, 2024

Instead of jumping on the Solana hype, look into cryptocurrencies with higher potential.

January 21, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.