(Bloomberg) – Crypto security company BlockAid has secured fresh funds as the platform prepares to tackle the rising cybercrime risks of the digital asset space.
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According to a statement on Tuesday, the company raised $50 million in the Series B round led by Ribbit Capital. GV, formerly known as Google Ventures, was also involved in Raise along with existing investors, including Variant and CyberStarts.
The agreement comes after an extension rally on digital assets that coincides with a growing level of cybercrime within the industry. According to chain melting data, stolen funds by crypto hackers rose 21% year-on-year to $2.2 billion in 2024. record.
“The US regulatory environment has caused an influx of demand. We honestly don’t know what to do,” Blockaid co-founder and CEO Ido Ben-Natan said in an interview with Bloomberg I’ve said that. news. “There’s not enough people to answer enough phones or build enough software.”
The platform snatched 71 million attacks in 2024, which could cost victims $5.3 billion, Ben Nathan said. That number could swell into “hundreds of millions” cases in 2025, as user growth and higher token prices will attract hackers.
According to the statement, Blockup, which has offices in Tel Aviv and New York, plans to use the funds to fund research and development. According to Ben Nathan, the company is aiming to double the number of people this year, more than double the current 70.
(Update the second paragraph to add more details about Google Ventures investments)
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