Today we're announcing that Chainalysis has acquired Hexagate, the leading provider of web3 security solutions that detect and mitigate real-time threats including cyber exploits, hacks, and governance and financial risks. They are the top choice for chains, protocols, asset managers, and exchanges to help keep their funds secure. Hexagate leverages machine learning models to identify suspicious patterns and unusual transactions across blockchain networks in real-time. Hexagate's customers, which include industry leaders like Coinbase and Consensys, have already saved more than $1B in customer funds by taking on-chain actions based on real-time notifications and automated responses to potential threats. Together, Chainalysis and Hexagate 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. For the past several years, we've seen trillions of dollars' worth of crypto stolen each year – often by actors linked to rogue nations and other national security threats. Thefts of this magnitude can leave victims with no choice but to shut down their crypto projects, investors wary of investing in blockchain initiatives, and bad actors with trillions of dollars in their control.
It doesn't have to be this way. Web3 is transparent by design, and with the right solutions, it can be the world's safest financial system. The Hexagate team impressed me with their complete security suite for proactive prevention, including monitoring, mitigation, forensics, and compliance. Over the past two years, they detected all known hacks – and more than 98% were detected before they occurred. Their commitment to accuracy and collaboration reminded me of our own team.
But don't just take my word for it. Hexagate already protects leading organizations in web3 including Ava Labs, BGD Labs (Aave core contributor), Coinbase, Consensys, Cronos Labs (Crypto.com), Eigen Labs, Immutable, Kiln, LiFi, Polygon, Securitize, and Uniswap.
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 .”
Ian Wallis, Head of Business Development at Linea, also told us, “Hexagate has become a crucial component of our security framework at Consensys, particularly in safeguarding Linea, our treasury, and MetaMask. Their real-time on-chain threat detection and automated response platform delivers unparalleled detection coverage for Consensys and Linea, protecting our users, our own funds and strengthening trust in everything we develop and operate on-chain.”
These capabilities are only going to become more important for the crypto ecosystem as smart contracts facilitate more value transfer. The growth of stablecoins, enterprise layer 1 and layer 2 protocols, and wallet infrastructure suggests that securing smart contracts will be critical to preventing fund loss among private sector entities, and governments will increasingly seek to monitor smart contracts associated with illicit funds.
We're delighted to welcome Hexagate to the team, and to work together toward a safer, more transparent financial system.
Book a demo and get a free trial of Hexagate's web3 security solution here.
