tl;dr
Chainalysis has acquired Alterya, an AI-powered fraud detection solution that has worked with top crypto and fintech firms like Coinbase, Binance, and Block. Alterya monitors over $8 billion worth of fiat and crypto transactions monthly and detected over $10 billion worth of payments sent to scams l...
Chainalysis has acquired Alterya, an AI-powered fraud detection solution that has a track record in monitoring billions of dollars in transactions and detecting scams for top crypto and fintech firms like Coinbase, Binance, and Block. Alterya monitors over $8 billion worth of fiat and crypto transactions monthly and detected over $10 billion worth of payments sent to scams last year.
Ilan Zimmer, Coinbase’s director of payment and operational risk, praises Alterya for helping identify investment scams and protecting customers' funds. He says, “Alterya has been a reliable partner in helping Coinbase identify wallet addresses tied to known investment scams. This collaboration has enabled us to better protect our customers and safeguard their hard-earned funds from bad actors.”
Chainalysis plans to integrate Alterya's AI solution with its blockchain platform to enhance fraud detection. The total value loss in the crypto sector due to hacks and scams exceeded $3.01 billion last year, a 15% increase from 2023, reports PeckShield.
Chainalysis views the integration of Alterya’s AI detection solution as a significant step in providing a holistic risk solution that includes prevention, compliance, and remediation. Their mission to protect against fraud and scams aligns with Chainalysis’ goal of building trust in blockchains. PeckShield reports that the total value loss in the crypto sector due to hacks and scams last year exceeded $3.01 billion, a 15% increase from the 2023 total.