Chainalysis, a blockchain data platform, announced the acquisition of cybercrime forensics business Excygent to aid government agencies in the investigation of many high-profile cybercrime cases, including ransomware assaults.
Chainalysis’ efforts in digital currency transaction monitoring will be bolstered by Excygent, which is recognized for its collaborative work with both government and private clients in hunting down cybercriminals.
Excygent has previously aided businesses with cyber investigations and operational data analysis by either complementing existing skills or offering a turnkey investigation and analysis solution.
A previous partnership between the two firms, according to a Chainalysis blog post, resulted in seizures totaling more than $1 billion (about Rs. 7,553 crores) in bitcoin linked to Silk Road.
“Cybercrime like ransomware is one of the biggest barriers to building trust in cryptocurrency,” stated 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.”
Chainalysis aspires to be the top provider of software that “allows government agencies and private sector firms across the globe to identify and prevent cryptocurrency-related crime and money laundering activities.”
Their job is “only becoming more important as cryptocurrency enters the mainstream” and new applications for their underlying data – such as market intelligence and business data – are “emerging, too.”