Crypto analytics startup Chainalysis acquires cybercrime forensics firm Excygent

The blockchain analysis firm Chainalysis announced Tuesday that it acquired Excygent, a cybercrime forensics company.

Exycgent is a highly specialized technology firm that services both public and private clients, even assisting U.S. governmental agencies with cybercrime investigations. 

In a blog post, Chainalysis CEO Michael Gronager wrote that Chainalysis and Excygent had collaborated in past projects involving terrorism financing campaigns, the seizure of cryptocurrencies used in darknet marketplaces, and other illicit activity. The terms of the deal were not disclosed.

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“Through that work, I’ve seen first hand that the Excygent team brings deep expertise in cryptocurrency and cybercrime investigations. I am thrilled to welcome them to our growing Investigations and Special Programs team, which provides lead generation, blockchain data analysis, and investigative support to government agencies,” wrote Gronager in the post. 

Chainalysis intends to use its acquisition of Excygent to further reduce cybercrime — especially ransomware — and to promote “greater financial freedom with less risk,” the CEO said in a statement. 

This year, Chainalysis reached a $4.2 billion valuation with its most recent funding round, bringing in $100 million in June.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.