Chainalysis recently acquired Alterya, integrating its technology to detect fraud in real-time and protect cryptocurrency users worldwide.
The blockchain and digital asset analytics company is strengthening its leadership in crypto security with the acquisition of Alterya, an Israeli startup specializing in fraud detection using artificial intelligence (AI). This transaction was valued at approximately $150 million, the company reported.
Alterya’s integration into Chainalysis comes shortly after the company acquired Hexagate, another Web3 security-focused company, underscoring its commitment to strengthening its offering in a market where trust and security are paramount.
Chainalysis Raises the Bar on Crypto Security
Alterya will enable Chainalysis to amplify its ability to deliver robust security services and set a new standard for fraud protection in the digital world.
Chainalysis stressed that with the increasing sophistication of scammers using social engineering techniques and fake content to trick users, Alterya’s technology is an essential tool for exchanges and financial institutions.
What is Alterya? An AI innovation against digital fraud
Alterya is a technology startup specializing in fraud detection, particularly in the field of cryptocurrencies and real-time payments.
Founded in 2022, the company has developed a solution that uses artificial intelligence (AI) to identify fraudulent behavior patterns and prevent scams before they materialize. This solution has proven to be highly efficient in identifying fraudulent behavior patterns in real time, Chainalysis said, allowing it to protect more than 100 million users worldwide by combating authorized fraud.
This type of fraud, which has proliferated with scammers using AI to create fake identities and misleading content, is particularly concerning since 85% of current scams involve verified accounts, making them difficult to detect using traditional methods, Chainalysis said.
“Our acquisition of Alterya represents a significant step forward in our work to provide a comprehensive risk solution that includes prevention, compliance and remediation.”, the company assured.
Alterya’s advantages include its ability to offer proactive fraud protection in real-time and improve detection during the KYC (Know Your Customer) process. Its technology enables financial institutions to respond quickly to emerging threats, which is crucial in an environment where 85% of scams involve verified accounts.
AI security opportunities for government agencies
A key point in Chainalysis’ release is the application of Alterya’s technology. According to the company, the startup’s AI can be used by a wide range of clients, including government agencies, to identify patterns and fraudulent behavior in business activities within the crypto space. By providing data on fiat accounts linked to scams and other financial crimes, Chainalysis can help authorities anticipate and prevent illicit activities before they become larger problems.
The proactive approach used in this technology can improve security within the crypto ecosystem, while also fostering a safer environment for end users. Collaboration between the public and private sectors is essential to creating a robust infrastructure that protects consumers and maintains the integrity of the global financial system.
A step forward in the fight against digital fraud
In short, Chainalysis’ acquisition of Alterya represents a significant step forward in the fight against cryptocurrency fraud. With this integration, Chainalysis is well positioned to deliver more effective and efficient solutions that protect individual users and strengthen trust in the crypto ecosystem as a whole.
In a world where technology is advancing at an accelerated pace and fraudsters are becoming increasingly sophisticated, the combination of blockchain analysis and artificial intelligence is presented as an indispensable tool to guarantee security and transparency in digital transactions.
