The cryptocurrency industry is having a hard time coping with security, and the past month has been no exception.
A recent report by Chainalysis revealed that October has turned out to be the biggest month in the biggest year ever for hacking activity. Up until the 13th, over $718 million worth of crypto had been compromised in 11 different hacks. Just recently, another cryptocurrency wallet provider was compromised, putting another million to that number.
That said, Hexens – a blockchain security company, is ramping up its efforts in the industry and has raised $4.2 million in a seed round led by IOSG Ventures – one of the leading Web3 venture capital firms.
What is Hexens?
Hexens was founded by two multiple-time Capture the Flag competition winners: Sipan Vardanyan and Vahe Karapetyan. In the professional domain, they are better known by their nicknames – Noyer and kemmio. After more than 10 years of providing classical cybersecurity services in the Web2 industry, they decided to focus on blockchain technologies to develop and implement new standards of security in the field, with the goal of bringing Web3 mass adoption closer than it is.
Hexens has multiple top-notch auditing teams specialized in different fields of information security, showing extreme performance in the most challenging and technically complex tasks, including but not limited to: Blockchain/DLT Audits, Zero Knowledge Proofs / Novel Cryptography, DeFi, and NFT.
Speaking on the matter was the company’s CTO, Karapetyan, who said:
Besides security audits, Hexens’ also investigates and responds to security incidents. Multiple-time OSINT competition winners are the constituents of the investigation department, with combined expertise in both on-chain and off-chain analysis techniques to deliver the most sophisticated cybercrime investigations. Within the last 9 months, the investigations department identified and deanonymized hackers and returned assets worth millions of USD to their rightful owners.
Going Strong With $4.2 Million in Funding
The cybersecurity boutique announced the closure of a $4.2 million seed round led by IOSG Ventures, the leading Web3 Venture Capital.
Other investors include Delta Blockchain Fund, Chapter One, Hash Capital, ImToken Ventures, Tenzor Capital, and angels from Polygon and other blockchain projects.
It’s also worth noting that since Hexens was founded in 2021, it has had an impressive track record and recognition in the industry: Mudit Gupta – CISO of one of the biggest EVM Ecosystem – Polygon Technology, joined the company advisory board after completing just a single cooperation iteration.
The company’s approach to security is on its way to scale: combining brave ideas together with an extensive Web3 market vision. The first products from the company will be available in late 2023.
Commenting on the fundraise was Queenie Wu, partner at IOSG Ventures, who said:
“$2 billion lost in crypto hacks only in 2022 shows the importance of thorough cybersecurity practices and the high demand for first-class cybersecurity services. We are excited to partner with the stellar Hexens team on the mission to make Web 3.0 a safer place. The team’s expertise in ZK technology positions them well to ensure the next wave of industry innovations. Moreover, products being built by Hexens have the potential to become a standard toolkit for each developer and security researcher in the blockchain space.”
Adding to that was Sipan Vardanyan, the CEO of hexens, who said:
Blockchain is one of the fastest growing fields and, as many believe, the future of money. Fast growth brings huge cybersecurity risks, and as we see it now, the technology faces the risk of not achieving mass adoption if we do not address the rising threats of cybercrime in an appropriate manner. […] Our unique methodologies and techniques that we have sharpened over a decade of business in cybersecurity enable us to see what the premature blockchain market really needs. In the near future, we plan to release our first products to help builders, security engineers, projects, companies, and whole blockchains and ecosystems have peace of mind and stay safe.
With the funding, Hexens will expand horizontally by increasing its top-notch cyber security service coverage and vertically by developing products that aim to impact the field on ecosystem grade.