Blockaid Raises $50M to Combat Cybercrime Surge in Digital Asset Markets
Blockaid, a cybersecurity firm specializing in the digital asset space, has secured $50 million in Series B funding led by Ribbit Capital. GV (formerly Google Ventures) and existing investors Variant and Cyberstarts also participated in the raise.
Amidst a recent rally in digital assets, cybercrime within the industry has escalated significantly. According to Chainalysis, funds stolen by crypto hackers surged 21% year-over-year to $2.2 billion in 2024.
"The regulatory environment in the US has created an influx of demand, and we're simply overwhelmed," said Ido Ben-Natan, Blockaid's CEO. "We need more resources to handle the increased volume of attacks."
In 2024, Blockaid prevented over 71 million attacks, potentially saving victims $5.3 billion. With user growth and rising token prices continuing to attract hackers, Ben-Natan anticipates "hundreds of millions" of incidents in 2025.
Blockaid plans to use the new funding for operational expansion, research and development, and hiring staff. The company aims to double its current headcount of 70 this year from its offices in Tel Aviv and New York.