Crypto exchange OKX has expanded its relationship with blockchain analytics firm Chainalysis by integrating Alterya, a fraud‑detection platform that identifies scam-related payment destinations before funds are sent.
The move reflects a broader industry shift from post‑transaction blockchain monitoring toward earlier intervention, particularly for cases where users are persuaded to transfer funds to scam‑controlled accounts, OKX told Cointelegraph.
Alterya correlates scam infrastructure observed across websites, social media and messaging channels with financial identifiers such as crypto wallets and bank accounts. When integrated into withdrawal flows, the system can flag or block transfers to addresses believed to be associated with active scams.
Traditional anti‑money‑laundering (AML) tools typically concentrate on the sender via Know Your Customer (KYC) checks and transaction monitoring. Alterya instead focuses on the recipient side, identifying wallets and accounts tied to scam networks or money mule operations.
Chainalysis acquired Alterya early last year in a deal reported to be worth about $150 million, marking the company’s expansion beyond blockchain tracing into real‑time fraud prevention for payments. Prior to the acquisition, Alterya worked with exchanges including Coinbase and Binance. Chainalysis says Alterya’s systems monitor more than $23 billion in monthly transaction volume and helped prevent roughly $300 million in losses over the past 12 months.
The integration comes amid growth in blockchain risk monitoring and fraud intelligence platforms as exchanges and payment providers respond to rising scam‑related losses. Analytics firms such as TRM Labs and Elliptic, long known for transaction tracing and sanctions screening, now offer wallet risk scoring and real‑time transaction monitoring that can be embedded into withdrawal and payment processes.
For example, TRM Labs partnered with banking infrastructure provider Finray Technologies to deliver real‑time risk alerts for suspicious activity across multiple blockchains, illustrating increased crossover between crypto compliance and traditional financial controls.
Despite expanded monitoring and prevention tools, losses remain substantial. Chainalysis research estimates roughly $17 billion was lost to crypto‑related scams in 2025, with impersonation scams—often involving fake investment platforms or individuals posing as trusted entities—posting the largest year‑on‑year increase, up about 1,400%.
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