Inca Digital is an open-source intelligence (OSINT) company based in Washington, D.C., that specializes in providing data, analytics, and surveillance tools for the digital asset ecosystem. The firm serves a diverse clientele that includes government agencies, financial institutions, and crypto-native organizations, offering them solutions for market analysis and risk management. ^{[1] [2]}

Overview

Inca Digital positions itself as a provider of reliable market data in the often volatile and opaque cryptocurrency industry. The company's core mission addresses the challenge that "in Crypto, reliable market data is difficult to come by," where "spectacular token explosions and infrastructure breakdowns happen daily."

By leveraging OSINT techniques, the company gathers and analyzes publicly available information to create structured data products and intelligence reports. These services are designed to help clients navigate the complexities of the digital asset market, identify investment opportunities, and mitigate risks associated with illicit finance, counterparty stability, and sanctions evasion. ^[1]​

The company's focus extends to national security applications, demonstrated by its work with U.S. government entities like the Defense Advanced Research Projects Agency (DARPA).

Simultaneously, it caters to the financial sector, providing tools for fund managers, market makers, and over-the-counter (OTC) desks, as well as compliance solutions for regulators and exchanges. Inca Digital has emphasized the importance of clarity in a field where raw data can be overwhelming, stating its goal is to help clients "go beyond the data and make informed decisions." ^[1]​

History and Milestones

One of its first major public acknowledgments of its government work came on September 30, 2022, when CEO Adam Zarazinski appeared on CoinDesk TV to discuss the firm's partnership with the Defense Advanced Research Projects Agency (DARPA). This revealed the company's involvement in applying its digital asset intelligence capabilities to matters of national security. ^[1]​

Throughout 2023, the company released several key analyses and products. On February 27, 2023, Zarazinski was featured in a Bloomberg report where he discussed research showing how some digital asset exchanges could be used to circumvent U.S. and European sanctions against Russia, particularly through the use of USDT and connections to Russian financial institutions. Shortly after, on March 2, 2023, the company announced the launch of its Real Time Anomaly Detection (RAD) tool, a product designed to monitor social media for market-moving events and risks. ^[1]​

The company also demonstrated a focus on combating financial crime. On May 10, 2023, its Illicit Finance Team publicly offered assistance to victims of the 3Commas API key leak, a significant security incident affecting cryptocurrency traders. This initiative highlighted the firm's hands-on approach to addressing crime within the ecosystem. This was followed on June 7, 2023, by the release of a "Corporate and Counterparty Risk Map" focused on the cryptocurrency exchange Binance. The release was timed in response to lawsuits filed against the exchange and was framed by Inca Digital as an effort to "bring more transparency to the ops of crypto exchanges globally." ^[1]​

In early 2025, Inca Digital published one of its most notable investigative reports. On February 26, 2025, the firm released an analysis alleging a major security breach at the cryptocurrency exchange Bybit. The report claimed that a theft of over $1.4 billion in digital assets had occurred and raised further concerns by pointing to "irregularities" that Inca Digital had previously identified in Bybit's proof of liabilities reporting. ^[1]​

Products and Services

Inca Digital develops and offers a range of data-driven products and services tailored for surveillance, compliance, and market analysis in the digital asset space. ^[1]​

Real Time Anomaly Detection (RAD)

Launched in March 2023, the Real Time Anomaly Detection (RAD) tool is a surveillance product that monitors a broad spectrum of social media activity. Its purpose is to equip users with the ability to identify potential market opportunities and emerging risks in real time. By tracking online discourse and sentiment, the tool aims to provide early warnings of events that could impact asset prices or platform stability. ^[1]​

Compliance and Risk Management Tools

Sanctions Entity Database

This product is a compliance tool designed for cryptocurrency exchanges and other financial entities. The database provides detailed intelligence on individuals and organizations sanctioned by the United States and European governments. Beyond just listing the sanctioned parties, it includes context on the reasons for the sanctions and maps out their networks of personal and professional relationships. Inca Digital has actively pitched this solution to major international exchanges, including Coinbase International, Binance, and OKX, as a means to strengthen their compliance frameworks against illicit finance. ^[1]​

Corporate and Counterparty Risk Map

The Corporate and Counterparty Risk Map is a data visualization product that illustrates the complex web of relationships between companies, their subsidiaries, and key associated individuals. Inca Digital released a map focused on Binance in June 2023 to highlight the exchange's intricate corporate structure. The goal of this product is to increase transparency in the operations of large, often opaque, digital asset exchanges, allowing regulators, investors, and partners to better assess counterparty risk. ^[1]​

Illicit Finance Intelligence and Victim Support

Inca Digital maintains a dedicated "Illicit Finance Team" that investigates financial crimes within the cryptocurrency ecosystem. This team's work includes tracking stolen funds, analyzing hacking techniques, and identifying actors involved in illicit activities. In a public-facing initiative, the team has also offered direct assistance to victims of crypto-related security incidents. For example, following the 3Commas API leak, the company provided a dedicated email address, [email protected], for victims to report their cases and seek assistance, demonstrating a commitment to hands-on intervention in financial crime matters. ^[1]​

Notable Investigations and Analyses

Inca Digital has gained recognition for publishing detailed investigative reports on major entities and events in the cryptocurrency industry. These analyses often focus on security vulnerabilities, corporate transparency, and the use of digital assets in illicit finance. ^[1]​

Bybit Security Breach and Insolvency Allegations

On February 26, 2025, Inca Digital published a significant report alleging a massive security breach at the Bybit cryptocurrency exchange. The report claimed that assets valued at over $1.4 billion had been stolen. The assets were identified as a mix of cryptocurrencies, including 514,722 ETH, along with Lido Staked ETH (stETH), Mantle Restaked ETH (cmETH), and Mantle (MNT) tokens.

The report’s impact was heightened by Inca Digital's assertion that its prior analyses had already uncovered "irregularities" in Bybit's proof of liabilities reporting, which raised questions about the exchange's operational integrity and financial solvency even before the alleged breach. ^[1]​

Binance Corporate and Counterparty Risk Analysis

In June 2023, amidst heightened regulatory scrutiny and lawsuits targeting Binance, Inca Digital released data mapping the network of relationships connecting Binance, its various subsidiary companies, and associated individuals.

The company stated that its motivation was to bring "more transparency to the ops of crypto exchanges globally," arguing that "transparency is the entire point of crypto." This analysis provided a visual representation of the exchange's complex and often opaque corporate structure, offering a resource for those seeking to understand counterparty risk associated with the entity. ^[1]​

Sanctions Evasion and National Security

Inca Digital has conducted extensive research into the use of cryptocurrencies for sanctions evasion. The firm's analysis, highlighted by media outlets like Bloomberg, has detailed methods by which exchanges might facilitate the violation of U.S. and European sanctions related to Russia.

This work involves tracing transactions and identifying platforms that interact with sanctioned Russian banks. Furthermore, the company has demonstrated capabilities in tracking state-sponsored illicit activities. It publicly commented on U.S. Treasury sanctions against North Korean-owned wallets hosted on Binance, which were reportedly used to fund the country's Weapons of Mass Destruction (WMD) programs, underscoring the firm's focus on national security matters. ^[1]​

Institutional Relationships

Inca Digital collaborates with and provides services to a wide range of organizations, spanning from government defense agencies to private sector financial firms. ^[1]​

Government and Defense Sector

The company has an established relationship with the U.S. defense and intelligence community. Its most prominent public engagement is its work with the Defense Advanced Research Projects Agency (DARPA). CEO Adam Zarazinski confirmed this partnership in September 2022, highlighting the application of Inca Digital's crypto-asset intelligence tools for national security purposes. This collaboration indicates a focus on monitoring threats such as sanctions evasion and terrorism financing that may leverage the digital asset ecosystem. ^[1]​

Client and Media Engagement

Inca Digital's target clientele is broad, encompassing developers, fund managers, market makers, OTC desks, and regulators. The firm's products are designed to serve the distinct needs of these different groups, from providing real-time market data for traders to offering long-term risk and compliance solutions for institutions. The company's expertise is frequently cited in major financial news outlets. It has been featured in Bloomberg for its analysis on sanctions evasion and its CEO has appeared on CoinDesk TV to discuss company developments and partnerships. ^[1]​

Key Personnel

Adam Zarazinski

​Adam Zarazinski is the Chief Executive Officer (CEO) of Inca Digital and frequently acts as the public spokesperson for the company. He has represented the firm in major media appearances and public announcements.

In September 2022, he appeared on CoinDesk TV to discuss Inca Digital's work with DARPA. In February 2023, he was featured in a Bloomberg report, where he provided expert commentary on how certain crypto exchanges were potentially enabling the violation of international sanctions.

As CEO, Zarazinski has been central to communicating the company's findings on major industry events and its overall mission to enhance transparency and security in the digital asset market. ^[1]​