We’ve received unexpected support in the form of a report from CoinDesk, which likely affirms our allegations that Chainalysis has erroneously asserted that YieldNodes is a scam. This incorrect claim from the summer/autumn of 2022 caused significant issues and substantial damage to YieldNodes and our partners.
A quote from the report reads as follows:
“Elizabeth Bisbee, head of investigations at Chainalysis Government Solutions, testified she was ‘unaware’ of scientific evidence for the accuracy of Chainalysis’ Reactor software used by law enforcement, an unreleased transcript of a June 23 hearing shared with CoinDesk shows.
The fact that Chainalysis’ blockchain demystification tools have become so widespread is a serious threat to the crypto ecosystem. Although industry insiders have raged against Chainalysis since it was founded, often accusing it of violating people’s financial privacy, there may be a better argument to make against the company and analysis firms like it: it’s within the realm of possibility that these surveillance machines don’t work as well as advertised. This is a big deal considering Chainalysis’ surveillance tools are used widely across the industry for compliance, and have at times led to unjustified account restrictions and – even worse – land unsuspecting individuals on the radar of law enforcement agencies without probable cause.“
Recommended: Class Action Against Chainalysis
As we’ve noted on numerous occasions, Chainalysis has yet to explain why it has classified YieldNodes as a scam. As Chainalysis is leveraging its size and the associated high legal costs to avoid potential lawsuits, our lawyers have recommended that we inquire among our partners if they would join a class action suit. We’re considering issuing an NFT as a means to transparently raise a ‘war chest’ for the lawsuit against Chainalysis. We’re currently trying to contact the attorney mentioned in the report, Tor Ekeland, to see if he would be willing to support us in our legal action against Chainalysis. We will keep you thoroughly updated on these developments.