Chainalysis Challenges $94.7 Million Contract Awarded to Rival Firm TRM Labs

Chainalysis has sued the US government over a $94.7 million contract awarded to rival firm TRM Labs for blockchain analytics services.

The sole-source contract, worth approximately $94.7 million, was awarded by Immigration and Customs Enforcement (ICE) on July 1 and runs through June 30, 2027.

Chainalysis contends that ICE improperly bypassed competitive procurement procedures when awarding the contract to TRM Labs, and argues that the decision was 'arbitrary, capricious, and unreasonable.'