TRM Labs hits unicorn status in $70 million raise as crypto crime-fighting needs grow

Blockchain analytics startup TRM Labs has reached unicorn status with a $1 billion valuation following a $70 million Series C funding round. The round was led by Blockchain Capital and included participation from major investors like Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo, and Brevan Howard, bringing TRM Labs' total raised capital to $220 million. The company's software specializes in tracing cryptocurrency transactions across various blockchains, a service highly sought after by global law enforcement agencies, including the IRS and FBI, and major financial institutions due to the increasing complexity and volume of crypto crime. TRM Labs noted a 500% increase in "AI-enabled use in scams and fraud" and continues to expand its intelligence capabilities through partnerships, such as one with Tron and Tether that helped freeze over $300 million in illicit assets.

(Source：CoinDesk)