TRM Labs awarded a $95 million no-bid cryptocurrency tracking contract by the U.S. Department of Homeland Security is sued by Chainalysis

According to Bloomberg, the U.S. Department of Homeland Security signed a one-year, no-bid contract worth $95 million with cryptocurrency analytics firm TRM Labs in July to provide cryptocurrency tracking software and data analysis personnel, serving the White House's efforts to combat cryptocurrency fraud and cybercrime targeting American citizens.Competitor Chainalysis has filed a lawsuit against the Trump administration regarding the contract, claiming that the awarding process was "arbitrary, capricious, and unreasonable." The U.S. stated in a public explanation that TRM is "the only vendor capable of providing the complete technology, data, and operational support services required."