· CyberScope: A Web3 Security Firm with a Global Client Base of Over 3,000, Successful Track Record: 2,780 Audits and $134 Billion in Secured Assets
· TAC Security Expands European Footprint with Strategic Acquisition of CyberScope
· CyberScope Acquisition Expands TAC Security’s Client Base to Over 6,000, on Track to Reach 10,000 by 2026.
· TAC Security’s Path to Becoming the World’s Largest Vulnerability Management Firm Accelerated by Acquisition
· CyberScope’s Smart Contract Audits are Now Integrated into TAC Security’s ESOF for Enhanced Web3 Protection, the first Vulnerability Management Company Globally to introduce Web3 Security and Smart Contract Audit
· Acquisition Adds Additional $1.2 Million in Revenue to TAC Security’s Growth Strategy
· CyberScope Acquisition Enhances TAC Security’s Cross-Selling Potential Across Web3and Cybersecurity Markets
· SEC Approves Bitcoin and Ethereum ETFs, Including Offerings by BlackRock and Fidelity, CyberScope partner with CoinMarketCap, Coingecko
· Post-election policies by the Trump Administration Favor Crypto, promising a National Bitcoin Reserve and Rejecting CBDCs
DBT Bureau
Pune, 5 Feb 2025
TAC Security, a global risk-based vulnerability management company acquired CyberScope, a Web3 security firm specializing in smart contract audits and vulnerability assessment for blockchain-based applications. This acquisition solidifies TAC Security’s position as the undisputed leader in Web3 security.
First Vulnerability Management Company Globally to introduce Web3 Security and Smart Contract Audit
The acquisition marks a pivotal moment in the evolution of TAC Security, as it continues its mission to secure the rapidly growing vulnerability management space. CyberScope’s expertise in smart contract auditing and blockchain vulnerability assessment complements TAC Security’s comprehensive vulnerability management platform (VMP), enabling the company to offer an integrated solution for Web3 Security. As part of the acquisition, smart contract audits and assessments will now be a core component of TAC Security’s ESOF, allowing clients to access enhanced security solutions to mitigate blockchain-specific vulnerabilities.
CyberScope’s suite of products, including Cyberscan, Similarityscan, Safescan, and Signaturescan, will be seamlessly integrated with TAC Security’s existing offerings. These tools have become essential for safeguarding Web3 projects, trusted by global brands like CoinMarketCap, Coingecko, and millions of investors worldwide. In fact, CyberScope’s Audit Badge, granted in partnership with CoinMarketCap, is one of the only industry-recognized certifications, adding credibility and trust to Web3 projects.
This partnership positions TAC Security to cross-sell its broader cybersecurity solutions to CyberScope’s clients, while also introducing CyberScope’s smart contract audits to TAC Security’s existing clientele, expanding the total addressable market for both companies.
2024: Key Cybersecurity and Market Trends
Losses and Security Incidents:
Monthly Highlights: May was the costliest ($444.4 million lost), and Q3 saw the most incidents, totaling $753.3 million.
Attack Vectors:
- Phishing (296 incidents, $1.05 billion lost).
- Private key compromises (65 incidents, $855.4 million lost).
Chain-Specific Impacts:
- Ethereum ($748.7 million stolen across 403 incidents).
- Bitcoin and Tron also experienced significant targeting.
Global and Multi-Chain Losses: $435 million lost across 39 incidents affecting multiple blockchains.
Market Milestones:
- SEC approved Bitcoin and Ethereum ETFs, including offerings by BlackRock and Fidelity.
- Post-election policies by the Trump administration favored crypto, promising a national Bitcoin reserve and rejecting CBDCs.
Regulatory strides varied globally:
- The EU implemented the MiCA framework for crypto market regulation.
- Asia saw stricter oversight (e.g., Japan’s Financial Services Agency warnings).
TVL vs. Security Risks: Total Value Locked (TVL) in DeFi surged, particularly in Ethereum liquid staking ($17 billion by year-end). Despite a moderate correlation (R² = 0.32) between TVL and stolen funds, improved security measures mitigated some risks.
Notable Security Breaches
- DMM Bitcoin Hack: Address poisoning led to a $304 million loss. Speculations linked North Korea’s Lazarus Group to the attack.
- Genesis Creditor Scam: Social engineering resulted in a $243 million theft. Quick recovery efforts led to suspect arrests and partial fund recovery.
- U.S. Government Wallet Breach: A high-profile $20 million theft exposed vulnerabilities in handling seized crypto assets.
The acquisition adds $1.2 million revenue stream to TAC Security, contributing significantly to its financial growth while complementing the company’s global expansion strategy. With over 2,780 audits completed and more than $134 billion in secured assets, CyberScope has established itself as a leader in Web3 security, further strengthening TAC Security’s competitive advantage.
This acquisition also expands TAC Security’s presence in Europe, positioning the company to serve the growing demand for Web3 security across the continent. CyberScope’s established reputation in Europe further strengthens TAC’s global footprint, allowing the company to offer tailored solutions for Web3 and blockchain projects in key markets across Europe.
Opportunity to unlock exciting cross-selling opportunities, enabling TAC Security to offer its full suite of cybersecurity solutions—including vulnerability management, penetration testing, and compliance—to CyberScope’s established client base. Similarly, CyberScope’s smart contract auditing services will be offered to TAC Security’s enterprise clients, helping both companies accelerate their growth and expand their service offerings.
“The acquisition of CyberScope propels TAC Security toward becoming the world’s largest vulnerability management company. With CyberScope’s 3,000+ clients, we are rapidly advancing toward our 10,000-client goal by 2026. As Web3 security gains prominence amid regulatory shifts under the Trump administration, CyberScope’s expertise in smart contract audits enhances our ability to secure blockchain ecosystems. This strategic move solidifies our leadership in the next era of vulnerability management.”, said Trishneet Arora, Founder and CEO, TAC Security.
TAC Security is on track to become the world’s largest vulnerability management company by March 2026, with a target of reaching 10,000 customers globally. The acquisition of CyberScope plays a crucial role in this journey, providing the company with new technologies, tools, and a broader client base to help meet its ambitious goal.
By this acquisition, TAC Security and CyberScope will jointly have over 6000 Clients Globally.
“This acquisition marks a seismic shift in the Web3 security landscape! By teaming up with TAC Security, we’re unlocking unparalleled potential to dominate the blockchain security space. Their global leadership and industry-leading vulnerability management solutions, combined with our expertise in smart contract audits, will redefine the future of cybersecurity. This is just the beginning of an unstoppable journey!”, said Thanos Tsavlis, CEO, Cyberscope.
In the Dec 2024, Chainalysis acquired Israel-based Web3 Security Company Hexagate.
