Analytics company Chainalysis has acquired Hexagate, a Web3 security company specializing in detecting and mitigating real-time threats on blockchain networks.
Hexagate specializes in detecting threats, including cyber exploits, hacks, and governance risks. The security firms’ machine learning models monitor blockchain networks in real-time, identifying suspicious patterns and unusual transactions.
Hexagate Clients Include Coinbase and Consensys
Hexagate claims it has saved over $1 billion in customer funds by allowing organizations to respond swiftly to potential threats. Clients including Coinbase and Consensys, rely on Hexagate to safeguard their on-chain operations.
“Hexagate has become an integral part of on-chain security at Coinbase,” said Shashank Agrawal, head of protocol security at Coinbase.
“Their real-time on-chain threat and risk detection and Base ecosystem monitoring solution for all Base builders has provided us with the broadest coverage for Coinbase and Base,” adds Agrawal.
Chainalysis said by acquiring Hexagate, the firm will be able to offer comprehensive risk management to clients encompassing prevention, compliance, and remediation.
The firm said it aims to build trust in blockchain technology by reducing the staggering financial losses caused by crypto thefts.
Chainalysis Appoints New CEO
Earlier this month, Chainalysis announced its co-founder and chief strategy officer Jonathan Levin has been appointed chief executive officer. Levin succeeded Michael Gronager, Chainalysis’ co-founder and former CEO, who stepped down from his role and the board.
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