(Bloomberg) -- Crypto security firm Blockaid has secured fresh funding as the platform gears up to tackle rising cyber-crime risks in the digital-asset space.

The company raised $50 million in a Series B round led by Ribbit Capital, according to a Tuesday statement. GV, formerly known as Google Ventures, also participated in the raise alongside existing investors including Variant and Cyberstarts.

The deal comes after an extended rally in digital assets that coincided with heightened levels of cyber-crime within the industry. Chainalysis data shows that funds stolen by crypto hackers rose 21% year-over-year to $2.2 billion in 2024 — a year in which the launch of dedicated exchange-traded funds in the US and President Donald Trump’s pro-crypto agenda pushed tokens to repeated records.

“The regulatory environment in the United States has caused an influx of demand and we honestly just don’t know what to do with it,” said Ido Ben-Natan, co-founder and chief executive officer of Blockaid, in an interview with Bloomberg News. “We don’t have enough people to answer enough phones or to build enough software.”

The platform snared 71 million would-be attacks that could have cost victims $5.3 billion in 2024, Ben-Natan said. That number could swell to “hundreds of millions” of incidents in 2025 with user growth and higher token prices luring more hackers, he added.

Blockaid — which has offices in Tel Aviv and New York — plans to use the money to fund operational growth as well as for research and development, according to the statement. It aims to more than double its current headcount of 70 this year, Ben-Natan said.

(Updates second paragraph to add details of Google Ventures’ investment)