Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new round at an $8.6 billion valuation, including the investment, according to a person with direct knowledge of the matter. GIC, Singapore’s sovereign wealth fund and an existing investor in the company, is leading the $170 million investment, the person said.
The Series F deal doubles the $4.2 billion valuation the New York–based company set in June, when it raised a $100 million Series E financing led by Coatue Management. The new fundraising comes amid a deep sell-off of cryptocurrencies that’s led some investors to anticipate an end to the past year’s rush to back crypto startups. The price of bitcoin fell below $30,000 on Monday night, a 10-month low, triggering fears of another crypto winter—an extended period of low prices.