TRM Labs Awarded $95 Million No-Bid Crypto Tracking Contract by U.S. Department of Homeland Security, Sued by Chainalysis

PANews, September 1 — According to Bloomberg, the U.S. Department of Homeland Security signed a one-year, no-bid contract worth $95 million with crypto analytics firm TRM Labs in July to provide cryptocurrency tracking software and data analysis personnel, supporting the White House’s efforts to combat crypto fraud and cybercrime targeting Americans. Competitor Chainalysis has sued the Trump administration over the contract, alleging that the award process was “arbitrary, capricious, and unreasonable.” In a public statement, the U.S. side said TRM is “the only vendor capable of providing the complete technical, data, and operational support services required.”