Chainalysis Acquires Hexagate to Enhance Web3 Security Amid 84% Surge in Crypto Crime and $4B in Losses

Dec 19, 2024, 05:12 PM

Chainalysis, a prominent blockchain analytics firm, has announced its acquisition of Hexagate, a leading provider of Web3 security solutions. This strategic move, revealed on December 19, 2024, aims to bolster Chainalysis's capabilities in combating the rising threats posed by cyber hacks and exploits in the cryptocurrency sector. The acquisition comes amid a notable increase in crypto crime, which has surged by 84% this year, resulting in losses from scams nearing $4 billion. Hexagate's AI-driven tools have already proven effective, reportedly preventing over $1 billion in exploits with a 98% detection rate for hacks. The integration of Hexagate's technology is expected to enhance real-time threat detection and mitigation for chains, protocols, asset managers, and exchanges that utilize their services.