30s Summary

Blockchain data platform Chainalysis has acquired Israeli Web3 security firm Hexagate. Hexagate’s services have reportedly prevented its clients, including Coinbase and Consensys, from losing over a billion dollars in funds. The acquisition is expected to expand Chainalysis’s services and enhance its efforts in protecting crypto users globally. Further details about the deal, including the purchase price and potential staffing changes, have not been revealed. Chainalysis CEO Jonathan Levin also suggested the incoming Trump administration could create clearer rules for digital assets.

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Chainalysis, a platform that works with blockchain data, recently bought Hexagate, a Web3 security company on December 19. Based in Israel, Hexagate was founded in 2022 and it helps detect and handle threats in the Web3 space. This acquisition by Chainalysis is going to add more services to its current offerings.

According to a post made by Chainalysis, Hexagate’s services have saved its clients from losing over a billion dollars in funds. Some of the clients of Hexagate include big names such as Coinbase and Consensys.

Chainalysis CEO, Jonathan Levin, spoke about the acquisition, saying, “We have spent 10 years following the money. Now it’s time to prevent the money from being stolen. Welcome to the era of secure smart contracts with proper monitoring and real-time threat detection. Announcing our acquisition of Hexagate.”

For now, we don’t have much detail about the acquisition, including the final amount Chainalysis paid for Hexagate and we really don’t know if there are going to be any staffing changes at Hexagate because of this new change.

Chainalysis didn’t respond when they were asked for comments. In an earlier talk with Cointelegraph, Levin shared plans about Chainalysis’ future, which include protecting crypto users globally.

This conversation happened a few months after Levin took up the CEO role following the previous CEO, Michael Gronager, stepping down in October.

On top of the acquisition news, Levin also talked about how the assumed incoming Trump administration might provide clearer rules on digital assets. In specific, Levin thinks the Security and Exchange Commission (SEC) might do away with a rule that required financial institutions to include customers’ digital assets on their balance sheets.