Chainalysis Sues US Over $95M ICE Contract Awarded to TRM Labs

The sealed complaint keeps Chainalysis’ specific objections and requested remedy undisclosed as the briefing process continues.

Blockchain analytics firm Chainalysis has filed a lawsuit against the US government, challenging an Immigration and Customs Enforcement (ICE) decision to award a sole-source contract to rival TRM Labs.

On July 27, Chainalysis Government Solutions filed the challenge in the US Court of Federal Claims. The related motion became publicly available through CourtListener’s RECAP archive on Sunday.

A federal award notice puts the contract’s value at roughly $94.6 million, covering forensic software and support services for Homeland Security Task Force investigations. The one-year agreement runs from July 1, 2026, to June 30, 2027.

Chainalysis argued that ICE’s decision was “arbitrary, capricious, and unreasonable.” The company said it had submitted a capability statement after ICE issued a notice of intent to acquire forensic software and support services from TRM.

Both firms offer blockchain analytics solutions that government agencies use to track cryptocurrency transactions and support criminal investigations.

According to the motion, the complaint remains sealed because it includes Chainalysis’ confidential proprietary information and trade secrets. On July 31, the court allowed Chainalysis to keep the complaint under seal.

TRM joined the case on July 28. The court has set Friday as the deadline for responses from the government and TRM, with oral arguments scheduled for Sept. 2. The government has requested a ruling by Sept. 10, while public filings have not disclosed Chainalysis’ specific objections or the remedy it is seeking.

TRM Labs declined to comment, while Chainalysis and ICE had not responded to requests for comment before publication.