Chainalysis, a blockchain data platform, has announced its acquisition of Alterya, an (artificial intelligence) AI-driven fraud detection solution. Alterya identifies scammers before they target victims and works with leading cryptocurrency exchanges and financial institutions to protect users from fraud.
Alterya has collaborated with platforms such as Binance, Coinbase, and Block, monitoring over $8 billion in monthly transactions across cryptocurrencies and traditional payment systems. In 2024, Alterya detected $10 billion linked to scams, enabling its partners to minimize losses and build trust with their customers.
“Alterya has been a reliable partner in helping Coinbase identify wallet addresses tied to known investment scams,” said Ilan Zimmer, director of payment and operational risk at Coinbase. “This collaboration has enabled us to better protect our customers and safeguard their hard-earned funds from bad actors.”
Generative AI (GenAI) has made it easier for scammers to create realistic fake identities, making fraud harder to detect. According to Alterya’s research, 85% of scams involve fully verified accounts that bypass traditional identity solutions. By combining Alterya’s technology with its blockchain data platform, Chainalysis aims to strengthen fraud detection and prevent illicit transactions.
The acquisition also allows Chainalysis to provide real-time fraud protection during payments and enhanced verification for crypto exchanges, blockchains, and wallet providers. Alterya has already helped top exchanges reduce fraud by 60% and improve efficiency in handling disputes.
Government agencies may also benefit from Alterya’s insights, using its data to track scams and other fraudulent trends. Chainalysis plans to expand its office in Tel Aviv to continue developing tools to protect users from financial crimes.
“This is a significant step forward in our work to provide safer and faster payments for all,” the company stated.