American blockchain analytics company Chainalysis has announced the acquisition of Alterya, an Israeli platform specializing in AI-powered fraud detection. According to Business Insider, the deal is valued at $150 million.
Revolutionizing Fraud Prevention with AI
Alterya’s advanced technology enables the detection of fraudulent schemes before they reach their targets. By integrating these solutions, Chainalysis aims to significantly enhance its strategy for preventing illicit transactions and providing real-time payment protection.
In 2024 alone, Alterya helped identify $10 billion in fraudulent transactions. This allowed major cryptocurrency exchanges, including Coinbase and Binance, to reduce fraud rates by 60%.
The Benefits of Collaboration with Alterya
Ilan Zimmer, Coinbase’s Director of Payment and Operational Risk, highlighted that working with Alterya allowed the exchange to identify wallets associated with known investment scams. This partnership has proven instrumental in safeguarding customer funds more effectively.
Alterya’s Track Record of Success
Previously, Alterya raised $9.8 million during a seed funding round led by Battery Ventures. The company has established partnerships with leading cryptocurrency exchanges such as Binance, Coinbase, and fintech firms like Block, as well as various financial institutions.
A Strategic Investment in Security
The acquisition of Alterya represents a critical step for Chainalysis in strengthening its position as a leader in blockchain analytics. By integrating Alterya’s cutting-edge AI technology, Chainalysis will bolster its fraud prevention tools and provide even greater security for its global clients.
Info&photo: incrypted