Blockchain analytics firm Chainalysis has purchased cybercrime investigative visitor Excygent for an undisclosed amount, hinting that the ii will continue to work together to help "dismantle ransomware operations."

In a Tuesday announcement, Chainalysis CEO Michael Gronager said the firm had collaborated with Excygent on the seizure of cryptocurrency connected to the now-defunct darknet market Silk Road, shutting down a major child corruption website, disrupting campaigns related to the financing of terrorism and other projects. Gronager said staff from Excygent would join the firm's Investigations and Special Programs team to support investigations of thecryptocurrency used in cybercrimes.

"Post-obit the flow of ransomware payments on the blockchain is instrumental for police force enforcement to understand and dismantle ransomware operations," Gronager said to Cointelegraph. "As paradoxical as it seems, information technology can actually be benign to investigators when bad actors cull to utilize cryptocurrency when committing crimes."

The CEO cited Chainalysis' contribution to the investigation of cybercrimes involving NetWalker, a ransomware operator who allegedly targeted hospitals during the pandemic and nerveless more than $25 one thousand thousand from ransom payments in 2022. In improver, the company looked into Russia-based concern Suex OTC, recently targeted past the U.S. Treasury Department for allegedly assuasive hackers to admission cryptocurrency sent as payment for ransomware attacks. Chainalysis claimed that "tens of millions" worth of crypto payments from Suex's funds came from addresses associated with unlike cybercrimes.

"Cryptocurrency is transparent, and with the right tools and the right talent, we can weed out bad actors and build a safer fiscal ecosystem," said Gronager.

Related: U.s.a. Senator Warren introduces bill to report crypto's function in ransomware

Chainalysis has grown significantly in the last year, receiving back up from both the Usa authorities and the private sector. In June, the company reached a $4.ii billion valuation following a $100 million funding round led past global investment director Coatue.