Blockchain forensics firm Chainalysis acquires AI-powered fraud detection platform Alterya
Quick Take
- Chainalysis intends to use the acquisition of the Israeli firm Alterya to bolster its illicit transaction prevention strategy, the company noted on Monday.
The blockchain forensics firm Chainalysis has acquired the artificial intelligence-powered fraud detection platform Alterya.
Chainalysis intends to use the acquisition of the Israeli firm Alterya to bolster its illicit transaction prevention strategy. Specifically, Chainalysis will use Alterya's fraud identification infrastructure to help spot where individuals lose fiat money to fraud before the funds move into crypto, according to a Monday release.
The deal took place for around $150 million, reports Business Insider citing people familiar with the matter, adding that Alterya had previously raised $9.8 million in a seed funding round led by Battery Ventures.
"With this acquisition, Chainalysis can now provide real-time proactive fraud protection for payments and enhanced fraud detection during KYC for exchanges, blockchains and wallet providers," Chainalysis wrote in a statement. "Alterya has already helped top crypto exchanges decrease fraud by 60%, reduce scam-related disputes, and improve efficiency of manual operations."
The move marks Chainalysis's second acquisition within the past two months after it purchased the web3 security firm Hexagate in December.
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