Chainalysis, a blockchain analytics company, announced its purchase of Hexagate on Wednesday, an online security firm. This acquisition was made in response to a growing number of cyber hacks and exploits.
“Together, Chainalysis and Hexagate provide a holistic risk solution that includes prevention, compliance, and remediation,” Chainalysis CEO Johathan Levin Writer The announcement will include the following:
Hexagate’s purchase price was not made immediately known. Decrypt Has reached out to clarify.
The money has been tracked for 10 years. It’s now time to stop the theft of money. Secure smart contracts are here with real-time detection and monitoring. Announcing our acquisition of @hexagate_ https://t.co/05Bhy3R1ey
— Jonylevin (@jony_levin) December 18, 2024
This acquisition will help Chainalysis to expand beyond investigation into prevention, and bolster the trust between various blockchains.
The companies have announced that Chainalysis will integrate Hexagate’s machine-learning-powered tools which identify and mitigate risks on the chain such as cyber-exploits, hacks and governance vulnerabilities.
Hexagon is said to have already protected over $1 billion of customer funds with real-time threats detection and automated response.
Hexagate is trusted by many high profile clients, including Coinbase Consensys Uniswap. The company has detected more than 98% known hacks in the last two year.
Chainalysis acquired Hexagate as crypto-thefts are on the rise.
The platform has been a crypto-crime hotbed since August. Reportage In the first seven month of 2024, there was an 84% rise in thefts. From $857 million up to $1.58billion.
According to the report, ransomware payments have also increased slightly from $449.1 to $459.8 millions, which means that 2024 is set to be one of the most lucrative years for these payments.
Investment fraud reached its highest level in the U.S. in 2023. According to The Crypto Ecosystem, losses soared to $4.57billion. FBI.
These losses totaled $3.96 Billion, 87% were due to crypto-related scams. It is a dramatic increase from 2022’s $3.3billion and an 18-fold rise in 2018’s $253 million.
Jonathan Levin, the CEO at Xerox Canada Inc. noted that these thefts have often devastating effects. These include forcing shutting down projects and damaging investor confidence.
He expressed his hope by calling Web3 “the world’s safest financial system” When equipped with the correct tools.
Sebastian Sinclair edited the book