Blockchain data platform Chainalysis announced that it has acquired cybercrime forensics firm Excygent to assist government agencies in the investigation of several high-profile cybercrime incidents, particularly ransomware attacks.
Exegent, known for its collaborative work with both government and private clients in tracking cybercriminals, will boost Chainalysis’s efforts in digital currency transaction monitoring. Excygent has previously helped organizations with cyber investigation and operational data analysis by supplementing existing capabilities or providing a complete investigation and analysis solution packaged as a service.
A Chainalysis blog post It also highlights a collaboration between the two companies in the past where they helped with a government agency investigation that involved the seizure of over $1 billion (about Rs 7,553 crore) in cryptocurrency linked to the Silk Road.
“Cyber crime like ransomware is one of the biggest barriers to building trust in cryptocurrencies,” said Michael Gronzer, Co-founder and CEO of Chainalysis. Press release. “The expertise brought by the Exegent team aligns directly with our mission to leverage the transparency of blockchain to weed out bad actors from the ecosystem and ultimately promote greater financial freedom with less risk.” Chainalysis seeks to establish itself as a leading provider of software that allows “government agencies and private sector firms worldwide to identify and prevent crime and money laundering activities related to cryptocurrencies.”
The company claims that their work is “only becoming more important as cryptocurrencies enter the mainstream” and that new applications for their underlying data – such as market intelligence and business data – are “emerging as well.”