Blockchain Security Firm Hexagate is in the news after a surge in crypto tricks, according to Chanalysis.

In response to the growing risk of bitcoin tricks and achievements, Blockchain analytics agency Chainalysis announced on Wednesday its acquisition of Hexagate, a Web3 security company. &nbsp,

” Up, Chainalysis and Hexagate provide a systematic risk alternative that includes protection, adherence, and remediation”, Chainalysis CEO Johathan Levin wrote in the news.

Its payment for Hexagate was not immediately known. has reached out for clarity.

By going beyond prevention into investigations, the acquisition supports Chainalysis ‘ efforts to increase trust across various blockchains.

Chainalysis is set to incorporate Hexagate’s system learning-powered devices, which detect and alleviate on-chain risks such as hacks, computer exploits, and management vulnerabilities, the companies said. &nbsp,

Using automated responses and real-time threat detection, Hexagon has reportedly already protected more than$ 1 billion in customer funds.

High-profile clients like Coinbase, Consensys, and Uniswap, among others, have relied on Hexagate to prevent attacks, with more than 98 % of known hacks detected before they occurred in the past two years, per to the announcement.

Hexagate has been acquired by Chainalysis at a time when bitcoin incidents are rising alarmingly fast. &nbsp,

In August, the platform’s crypto crime report revealed an 84 % spike in stolen funds, soaring from$ 857 million to$ 1.58 billion in the first seven months of 2024.

Ransomware payments also rose slightly, from$ 449.1 million to$ 459.8 million, making 2024 on set to be the highest-grossing year yet for such payments, as per the report.

Adding to the crypto environment’s problems, purchase scams in the U. S. reached an all-time deep in 2023, with loses skyrocketing to$ 4.57 billion, according to the FBI. &nbsp,

Crypto-related scams accounted for 87 % of those losses, totaling$ 3.96 billion. This marks a sharp rise from$ 3.3 billion in 2022 and an 18-fold increase from 2018’s$ 253 million.

According to CEO Jonathan Levin, these incidents frequently have harrowing effects, forcing initiatives to shut down and erodeing investor confidence.

However, he expressed wish, calling Web3″ the world’s safest economic system” when equipped with the right equipment.