Chainalysis Acquires Cybercrime Investigations Firm Excygent
The deal marks Chainalysis’ first acquisition and follows a $100 million funding round in June.
Oct 5, 2021 at 2:38 p.m. UTCUpdated May 11, 2023 at 4:00 p.m. UTC
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Blockchain data platform Chainalysis announced it has acquired Excygent, a professional services firm that helps government agencies with cybercrime investigations, data processing and lead generation, for an undisclosed amount.
- The deal marks Chainalysis’ first acquisition and follows its $100 million funding round in June at a $4.2 billion valuation.
- “Cybercrime like ransomware is one of the biggest barriers to building trust in cryptocurrency,” said Chainalysis co-founder and CEO Michael Gronager in a press release. “The expertise brought by the Excygent team directly aligns with our mission to leverage the transparency of blockchains to weed out bad actors from the ecosystem and ultimately promote more financial freedom with less risk.”
- Founded in 2018 in Washington, D.C., Excygent assists organizations with cyber investigations and operational data analysis by either augmenting existing capabilities or providing the full investigative and analysis solutions as a service.
- Excygent has collaborated with Chainalysis in the past to support government agency investigations that included the seizure of more than $1 billion in cryptocurrency tied to Silk Road, according to Chainalysis’ blog.
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CORRECTION (Oct. 5, 19:06 UTC): A previous version of this story misstated information about Chainalysis’ previous funding round – it was in June at a $4.2 valuation, not in March at a $2 billion valuation.
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Brandy covered crypto-related venture capital deals for CoinDesk.