Chainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks

Blockchain analytics agency Chainalysis has bought cybercrime investigative firm Excygent for an undisclosed quantity, hinting the 2 will proceed to work collectively to assist “dismantle ransomware operations.”

In an Oct. 5 announcement, Chainalysis CEO Michael Gronager stated the agency had collaborated with Excygent on initiatives together with seizing cryptocurrency related to the now defunct darknet market Silk Street, shutting down a significant baby abuse web site, and disrupting campaigns associated to the financing of terrorism. Gronager stated employees from Excygent would be part of the agency’s Investigations and Particular Packages staff to help investigations on cryptocurrency utilized in cybercrimes.

“Following the circulation of ransomware funds on the blockchain is instrumental for legislation enforcement to know and dismantle ransomware operations,” Gronager stated to Cointelegraph. “As paradoxical because it appears, it could truly be helpful to investigators when unhealthy actors select to make use of cryptocurrency when committing crimes.”

The CEO cited Chainalysis’ contribution in investigating cybercrimes involving NetWalker, a ransomware operator that allegedly focused hospitals in the course of the pandemic and picked up greater than $25 million from ransom funds in 2020. As well as, the corporate appeared into Russia-based enterprise Suex OTC, lately focused by the U.S. Treasury Division for allegedly permitting hackers to entry cryptocurrency despatched as fee for ransomware assaults. Chainalysis claimed that “tens of thousands and thousands” price of crypto funds from Suex’s funds got here from addresses related to totally different cybercrimes.

“Cryptocurrency is clear, and with the correct instruments and the correct expertise, we will weed out unhealthy actors and construct a safer monetary ecosystem,” stated Gronager.

Associated: US Senator Warren introduces invoice to review crypto’s function in ransomware

Chainalysis has grown considerably within the final 12 months, receiving help from each the USA authorities and personal sector. In June, the corporate reached a $4.2 billion valuation following a $100 million funding spherical led by world funding supervisor Coatue.