Chainalysis, the blockchain analytics firm, has announced its acquisition of Alterya, a firm that harnesses artificial intelligence (AI) to combat fraud.
Chainalysis Expands Anti-Fraud Efforts With Alterya Acquisition
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Blockchain Analytics Firm Chainalysis Acquires Fraud Detection Startup Alterya
Alterya, positioning itself as a preemptive scam detector, claims expertise in thwarting fraudsters before they target their victims. Its clientele reportedly includes major players such as Binance, Coinbase, and Block. Alterya’s technology, which reportedly monitors over $8 billion in monthly transactions spanning crypto and traditional financial systems, purports to shield approximately 100 million users. In 2024, the company contends it identified $10 billion in fraudulent activity, which it says enabled its partners to curtail losses and minimize fraud’s impact.
According to the announcement shared with Bitcoin.com News, the acquisition aligns with Chainalysis’s ambition to tackle financial crimes within the cryptocurrency sector. This deal follows its recent purchase of Hexagate, a Web3 security firm. Chainalysis suggests that merging Alterya’s AI-driven capabilities with its blockchain analysis platform will enhance fraud detection and compliance mechanisms. Alterya’s clients have expressed approval of its contributions.
Ilan Zimmer, Coinbase’s director of payment and operational risk, gave credit to Alterya for its ability to identify wallet addresses linked to known scams, helping to safeguard customers. Meanwhile, Alterya’s insights have reportedly caught the attention of government agencies seeking to investigate fraud schemes, including the notorious pig butchering scams and other manipulative authorized payment schemes.
Chainalysis asserts that the acquisition will extend its capabilities to include real-time fraud protection during know-your-customer (KYC) protocols for exchanges, wallets, and blockchain platforms. Additionally, it claims the move will bolster its detection of fraudulent fiat transactions before funds transition into crypto systems. This latest acquisition, Chainalysis says, reflects its broader mission to create a multifaceted fraud prevention toolkit and enhance trust in blockchain technologies.
