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HomeCryptos NewsEthereum NewsChainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks

Chainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks

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Blockchain analytics firm 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 said the firm had collaborated with Excygent on tasks together with seizing cryptocurrency related to the now defunct darknet market Silk Road, 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 firm’s Investigations and Special Programs workforce to help investigations on cryptocurrency used in cybercrimes.

“Following the flow of ransomware payments on the blockchain is instrumental for law enforcement to understand and dismantle ransomware operations,” Gronager stated to Cointelegraph. “As paradoxical as it seems, it can actually be beneficial to investigators when bad actors choose to use cryptocurrency when committing crimes.”

The CEO cited Chainalysis’ contribution in investigating cybercrimes involving NetWalker, a ransomware operator that allegedly targeted hospitals in the course of the pandemic and collected more than $25 million from ransom funds in 2020. In addition, the corporate regarded into Russia-based enterprise Suex OTC, not too long ago targeted by the U.S. Treasury Department for allegedly permitting hackers to entry cryptocurrency despatched as cost for ransomware attacks. Chainalysis claimed that “tens of thousands and thousands” worth of crypto payments from Suex’s funds came from addresses associated with different cybercrimes.

“Cryptocurrency is transparent, and with the right tools and the right talent, we can weed out bad actors and build a safer financial ecosystem,” said Gronager.

Related: US Senator Warren introduces bill to study crypto’s role in ransomware

Chainalysis has grown significantly in the last year, receiving support from both the United States government and private sector. In June, the company reached a $4.2 billion valuation following a $100 million funding round led by global investment manager Coatue.