Chainalysis

Chainalysis runs proprietary full nodes across more than 100 blockchains and layers. Its clustering algorithms link addresses to real-world services by analyzing transaction patterns, web scraping, and direct data partnerships with crypto businesses. The labeling accuracy is reinforced through law enforcement feedback loops when subpoenas confirm or correct attributions.

Publicly confirmed users include IRS Criminal Investigation, the FBI, the DEA, and US Immigration and Customs Enforcement. The firm also holds contracts with multiple allied foreign agencies, including the UK National Crime Agency and Europol. The Reactor tool is cited in US federal forfeiture complaints, most notably the 2022 Bitfinex seizure.

It is organized as a privately held technology firm backed by venture and growth equity, not a public company. However its contracting model leans heavily on government sole-source awards and multi-year enterprise licenses, making revenue stickier than a conventional SaaS business. The firm was last valued at $8.6 billion in its 2022 Series F (per the firm, May 2022).

Kryptos serves financial institutions for transaction-risk scoring and AML alerts, pulling from the same labeled dataset used by Reactor but partitioned via access controls and permission tiers. Government clients using Reactor cannot directly query exchange-customer data housed in Kryptos environments; the data sits in segregated instances designed to satisfy cross-border privacy regulations.

Chainalysis offers certification programs — including the Chainalysis Reactor Certification and Chainalysis Investigator Certification — that have become prerequisites in multiple federal crypto-crime job postings. This creates a workforce pipeline that standardizes their ontology across agencies, increasing switching costs for competing forensic platforms.