Quick take:
- Chainalysis did not share the details of the acquisition in the announcement.
- Hexagate has established itself as one of the leading Web3 security firms, with Coinbase, Cronos Labs, Eigen Labs, Immutable and Chaianalysis among its customers.
- The company has reportedly helped these companies save more than $1 billion of customer funds.
Chainalysis has announced the acquisition of Israel-based Web3 security firm Hexagate. The blockchain analysis company did not disclose the details of the acquisition, noting that Hexagate becomes part of its portfolio as it continues to invest in prevention.
Hexagate offers Web3 security solutions that detect and mitigate real-time threats on-chain, including cyber exploits, hacks and governance and financial risks.
According to Chainalysis, Hexagate has been selected by some of the leading chains, protocols, asset managers, and exchanges, including Cronos Labs, the organisation behind the Buybit crypto exchange platform, Eigen Labs (for EigenLayer), Coinbase, Immutable, and Chainalysis among others.
Hexagate’s security solutions helped these companies save more than $1 billion in customer funds from potential exploits and hacks by taking on-chain actions based on real-time notifications and automated responses to potential threats, Jonathan Levin, co-founder and CEO of Chainalysis wrote in the announcement.
According to Levin, both companies will collaborate to provide a holistic risk solution that includes prevention, compliance and remediation.
“I have long believed that in order to advance the Chainalysis mission to build trust in blockchains, we would need to expand our business beyond investigations and into prevention,” said Levin.
Shashank Agrawal, Head of Protocol Security at Coinbase, shared, “Hexagate has become an integral part of on-chain 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, ensuring the safety of our users and reinforcing trust across anything we build or do on-chain.”
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