Coinspeaker Chainalysis Acquires Hexagate to Strengthen Web3 Security
Chainalysis, a blockchain data and analysis company, has acquired Hexagate, a provider of Web3 security solutions. Hexagate focuses on detecting and stopping threats in real-time. The startup also provides advanced tools to protect against cyberattacks, hacks, and financial risks.
According to the announcement, this acquisition is an important step toward improving risk management in the fast-changing blockchain ecosystem.
Hexagate Technology Now Part of Chainalysis Tools
As Web3 technology becomes more popular across different industries, the risks of decentralized systems are increasing.
These risks include issues like smart contract vulnerabilities and manipulation of governance. Hexagate can help address these vulnerabilities, enhancing Chainalysis’s blockchain analysis and compliance capabilities.
Furthermore, this partnership creates a strong opportunity to improve the industry’s security and risk prevention standards. With the acquisition, Hexagate’s technology is now part of Chainalysis’s tools. This shows that businesses now have access to more solutions that help with compliance, prevent threats, and provide help when problems arise.
Notably, Hexagate’s team considers this acquisition a chance to use Chainalysis’s broad network and resources to make a bigger impact.
Together, they want to create a secure, clear, and strong Web3 environment that encourages trust and innovation. Meanwhile, Hexagate protects many top Web3 organizations, including Ava Labs, Coinbase Exchange, Consensys, Cronos Labs, Polygon, and Uniswap.
Chainalysis Secures Recognition For Fintech Innovation
Earlier this year, Forbes unveiled its annual list of the 50 most innovative fintech companies. Topping the list is New York-based Chainalysis.
The firm is revolutionizing how financial institutions and law enforcement agencies combat crypto-related illicit activities. Founded in 2014, Chainalysis provides investigative tools and solutions to identify and track cryptocurrency transactions, offering great insight into blockchain activity.
Considering the rising cases of ransomware attacks and money laundering schemes involving digital currencies, Chainalysis’ role in promoting transparency remains crucial. Recall that towards the end of 2023, KPMG Canada partnered with Chainalysis to solidify the former’s expertise in forensic investigations, crypto assets, and blockchain technology.
The collaboration is geared towards preventing fraud and ensuring regulatory compliance within the digital assets sector.
Meanwhile, KPMG Canada’s partnership with Chainalysis coincides with broader industry efforts to tackle crypto-associated fraud. KPMG Canada has been actively involved in the crypto sector, showcasing its dedication to embracing emerging technologies.
Blockchain Analysis: A Powerful Tool in the Fight Against Cybercrime
Similarly, Chainalysis helped uncover an illicit Bitcoin fund connected to the 911 S5 botnet in May.
This led to the arrest of Chinese national Yunhe Wang, the alleged mastermind behind the malicious network. 911 S5 offered residential proxy services, allowing users to hide their online location using the IP addresses of different locations.
Although 911 S5 voluntarily stopped operating in July 2022, it still held huge on-chain funds. Chainalysis stepped in to assist law enforcement agencies involved in the investigation using blockchain.
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Chainalysis Acquires Hexagate to Strengthen Web3 Security