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Reading: Chainalysis Boosts Security by Acquiring Alterya for $150 Million
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COINTURK NEWS > Blockchain News > Chainalysis Boosts Security by Acquiring Alterya for $150 Million
Blockchain News

Chainalysis Boosts Security by Acquiring Alterya for $150 Million

In Brief

  • Chainalysis acquired Alterya for $150 million to enhance fraud detection.

  • Alterya's technology significantly improves KYC processes and fraud prevention.

  • The collaboration aims to strengthen cryptocurrency market security.

Fatih Uçar
Fatih Uçar 5 months ago
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Chainalysis has acquired the AI-powered fraud detection startup Alterya for $150 million, enhancing its blockchain analytics and security tools. This acquisition was confirmed through a statement released on January 13, with further financial details remaining undisclosed.

Contents
Alterya’s Innovative TechnologyImpact of the CollaborationCoinbase’s RemarksStrategic Moves by Chainalysis

Alterya’s Innovative Technology

Alterya’s real-time fraud detection models are set to significantly improve fraud prevention tools in payment transactions. The technology will also facilitate enhanced Know Your Customer (KYC) processes for exchange platforms and wallet providers. Moreover, Alterya will integrate off-chain data sources like Venmo and Zelle with blockchain analytics.

Impact of the Collaboration

Alterya’s solutions have successfully reduced fraud by 60% on major platforms like Coinbase and Binance, thereby increasing operational efficiency. Furthermore, Alterya will contribute to expanding Chainalysis’s existing blacklist, aiding in the identification of more cryptocurrency scammers.

Coinbase’s Remarks

Ilan Zimmer, Coinbase’s Director of Payment and Operational Risk, stated that the collaboration with Alterya enhances customer security.

Alterya has proven to be a reliable partner in identifying wallet addresses associated with known investment scams. This collaboration helps us protect our customers and safeguard their hard-earned funds from malicious actors.

Strategic Moves by Chainalysis

This acquisition marks the second significant move for Chainalysis following its purchase of the Web3 security platform Hexagate in December 2024. With advanced AI-powered fraud detection models, Alterya will further strengthen Chainalysis’s anti-fraud capabilities.

As fraud becomes increasingly prevalent in the DeFi industry, the use of fake identities poses a serious issue. Fraudsters are deceiving investors with high-risk investment schemes while masquerading as crypto and financial influencers.

The merger of Alterya with Chainalysis aims to boost security in the cryptocurrency market while reducing fraud. This step is seen as crucial for better safeguarding users’ digital assets.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 14 January, 2025 - 10:45 am 14 January, 2025 - 10:45 am
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