Chainalysis Acquires AI Startup for $150 Million to Enhance Crypto Security Measures
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Chainalysis Acquires AI Startup Alterya for $150 Million to Enhance Crypto Security Measures
In a significant development, Chainalysis, a leading provider of cryptocurrency data and analytics, has announced the acquisition of Israeli-based AI startup, Alterya, in a whopping $150 million deal. The acquisition is expected to strengthen crypto security measures by leveraging Alterya’s advanced AI-driven tools for fraud detection and prevention.
According to reports, Alterya specializes in detecting and preventing scams targeting financial institutions, fintech companies, and cryptocurrency service providers using its AI agents. This strategic move will enable Chainalysis to shift from reactive investigations to proactive fraud prevention, allowing the company to better address sophisticated scams that may be leveraging generative AI technology.
As a result of this acquisition, Chainalysis aims to create a comprehensive suite of services encompassing prevention, compliance, and remediation of financial crimes. The move is also expected to help track illicit funds moving from traditional financial systems into the crypto space.
Chainalysis further emphasized that Alterya has successfully protected over 100 million end-users from fraud despite operating largely in stealth mode. Notably, the startup has secured contracts with prominent players in the crypto and fintech industries, including Binance, Coinbase, and Square.
In a statement, Coinbase’s Director of Payment & Operational Risk, Ilan Zimmer, highlighted the effectiveness of Alterya’s technology, stating that their collaboration has enabled them to better protect customers by identifying wallet addresses tied to known investment scams.
Source: cryptobriefing.com
