Chainalysis Acquires AI Fraud Detection Company That Collaborated with Binance and Coinbase
Blockchain data analytics company Chainalysis has acquired Alterya, a fraud detection solution powered by artificial intelligence (AI).
The AI solution has worked with top cryptocurrency and fintech companies like Coinbase, Binance, and Block and monitors more than $8 billion worth of fiat and cryptocurrency transactions monthly, according to a new report. Press release from Chainalysis.
Alterya was also able to detect over $10 billion worth of payments sent to scams last year. Ilan Zimmer, director of payments and operational risk at Coinbase, says the product has helped his exchange.
“Alterya has been a trusted partner in helping Coinbase identify wallet addresses associated with known investment scams. This collaboration has enabled us to better protect our customers and their hard-earned money from bad actors.”
Chainalysis says integrating Alteria’s AI detection solution with its existing blockchain data platform will enhance both products and detect additional fraudulent activity.
“Our acquisition of Alterya represents an important step forward in our work to provide a comprehensive risk solution that includes prevention, compliance and remediation. Their mission to protect humans everywhere from fraud and fraud – one of the highest categories of cryptocurrency crime annually – is integral to our mission to build trust.” In blockchain.”
Total value loss in the cryptocurrency sector due to hacks and frauds last year exceeded $3.01 billion, a 15% increase from 2023’s total, according to blockchain security firm PeckShield.
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