Blockchain Chainalysis acquires Cybersecurity firm Excygent

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Chainalysis, a company that offers blockchain analysis software to government agencies for tracking down digital frauds, has announced that it has acquired Forensic firm Excygent to strengthen its stand in investigating high profile incidents related to cyber-crime such as ransomware attacks.

Excygent offers excellence in investigating cyber crimes and has assisted many government and private clients so far. After acquisition, it will integrate its technology with Chainalysis and will help track down frauds in digital currency payments.

It has to be notified over here that both the firms have a history of working on collaborative projects such as the cryptocurrency transactions involved in the ‘Silk Road’ controversy where over $1 billion USD were exchanged between criminals for malicious motives.

As Chainalysis only designs software to Bitcoins related businesses, its acquisition of Excygent will help in identifying cyber offenders, visualize data, share results with people n firms and offer customized solutions that help track bitcoins related extortion payments.

Meantime, Chainalysis announced its 2021 “Geography of Cryptocurrency” report that threw light on crypto related adoptions in countries and regions. From the past year, as most of the businesses moved online or began operating with remote workforce, the use of Cryptocurrency has reportedly increased because of the fear that they may be cyber attacked, triggering more institutional investment into the space.

The report also points out the regions in which a stupendous adoption growth was observed with Vietnam and India topped the list. Whereas Africa remained as the smallest crypto market in the world, accounting for just 3% in total market adoption growth.

As usual, China and US top the index as their population were recorded to have a very high purchasing power of BTC and other related digital coins on an international note.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security