TRM Labs

TRM Labs is a blockchain-intelligence company founded in 2018 and headquartered in San Francisco, built by Esteban Castano and Rahul Raina after passing through the Y Combinator accelerator. It helps government agencies, financial institutions, and crypto businesses detect, investigate, and prevent crypto-facilitated financial crime — money laundering, fraud, and sanctions violations — by tracing activity across many blockchains and scoring the risk of wallets, exchanges, and counterparties.

Its platform centers on TRM Forensics, the investigations product, alongside a compliance suite for transaction monitoring, wallet screening, and due diligence. Distinctive lines include TRM Tactical, a mobile app that lets a field agent turn a photographed wallet address into an actionable lead, and TRM Phoenix, which automates cross-chain tracing through the bridges criminals use to hop between blockchains. The company also runs Chain Abuse, a free community site for crowdsourced scam reports. TRM serves more than 600 government agencies and financial institutions across roughly 75 countries and staffs its teams with former federal investigators.

In early 2026 TRM productized Agent, powered by Orion — a natural-language artificial-intelligence investigator embedded in Forensics that reasons across blockchain records, threat intelligence, and victim reports to cluster criminal networks and triage leads — reflecting an industry-wide race into agentic investigation tools. TRM reached unicorn status on a Series C led by Blockchain Capital, with Goldman Sachs, Citi Ventures, and Galaxy Ventures among the backers and the proceeds earmarked to hire AI researchers. The company is candid that its underlying attribution remains probabilistic — heuristics and graph analysis with a machine-learning layer on top — and that human judgment, not the AI, ultimately defines a case.