Crypto exchange OKX has strengthened its collaboration with blockchain analytics firm Chainalysis by incorporating Alterya, a cutting-edge fraud-detection platform. This integration aims to preemptively identify payment destinations associated with scams before any funds are transferred. OKX’s latest move signifies a growing trend among cryptocurrency exchanges to shift from post-transaction monitoring to proactive measures, especially in cases where users may inadvertently send money to scam-operated accounts.
Alterya employs sophisticated analysis of scam infrastructures, including activity on websites, social media, and messaging apps, to link these indicators with financial identifiers like cryptocurrency wallets and bank accounts. By embedding this functionality into their withdrawal processes, OKX can now flag or even block transactions destined for addresses suspected of being linked to ongoing scams.
Traditional anti-money laundering (AML) frameworks predominantly emphasize monitoring the sender’s identity through Know Your Customer (KYC) protocols and transaction scrutiny. In contrast, Alterya is geared towards the recipient aspect, focusing on pinpointing wallets or accounts connected to scam networks or operations involving money mules. This shift enables a more holistic approach to combating fraud in the crypto space.
The acquisition of Alterya by Chainalysis, valued at approximately $150 million, took place early last year. This move marked the company’s expansion from solely blockchain tracing into real-time fraud detection and prevention for payments. Before its acquisition, Alterya had already established partnerships with prominent exchanges such as Coinbase and Binance. Over the past year, the firm’s systems have overseen a staggering $23 billion in monthly transaction volume and have a record of preventing losses amounting to $300 million.
The blockchain industry’s focus on prevention tools has intensified as exchanges and payment platforms have ramped up their efforts to combat increasing scam-related losses. Companies like TRM Labs and Elliptic, known primarily for their transaction tracing capabilities and sanctions screening, are now providing wallet risk assessments and incorporating real-time transaction monitoring features that can be woven into payment and withdrawal processes.
Recent reports highlighted a collaborative initiative between TRM Labs and banking infrastructure provider Finray Technologies to offer real-time alerts for suspicious activities across various blockchains. This partnership exemplifies the ongoing convergence between cryptocurrency compliance and traditional financial regulations.
Despite the increase in monitoring and preventative measures, losses from crypto-related scams continue to be alarmingly high. Research conducted by Chainalysis projects that approximately $17 billion was lost to scams in 2025 alone. Among these scams, impersonation schemes—often characterized by fake investment platforms or individuals masquerading as trustworthy figures—saw the most striking year-on-year growth, skyrocketing by approximately 1,400%. This underscores the relentless challenges the cryptocurrency industry faces as it navigates the complexities of fraud and scams in a rapidly evolving landscape.
