Chainalysis Alterya Integration Enables OKX to Screen Withdrawals for Scam Prevention
As cryptocurrency fraud losses surge, digital asset exchanges are implementing measures to prevent scam-related transactions from being completed on their platforms.
Digital asset platform OKX has deepened its collaboration with blockchain intelligence firm Chainalysis through the incorporation of Alterya, a specialized fraud detection system that aims to recognize scam-associated payment endpoints ahead of fund transfers.
According to OKX's statement to Cointelegraph, the collaboration represents a wider industry movement among trading platforms away from after-the-fact blockchain analysis and toward preventive measures, especially in scenarios where platform users fall victim to schemes that convince them to send assets to fraudster-operated wallets.
The Alterya platform examines fraudulent operations spanning online sites, social platforms and communication applications, connecting these indicators to monetary identifiers including cryptocurrency addresses and traditional banking information. When embedded into the withdrawal process, this technology enables trading platforms to alert users about or prevent transactions to destinations thought to be linked with ongoing fraud schemes.
Conventional anti-money laundering (AML) systems generally emphasize the sending party via Know Your Customer (KYC) verification and transaction oversight. In contrast, Alterya targets the receiving end, recognizing digital wallets and financial accounts connected to fraudulent networks or money mule activities.
The acquisition of Alterya by Chainalysis took place in early 2024 through a transaction with a reported price tag of $150 million, signaling the company's move beyond blockchain forensics into immediate fraud mitigation for financial transfers.
Before being acquired, Alterya had established working relationships with trading platforms such as Coinbase and Binance. According to the firm, its technology oversees more than $23 billion in transaction volume each month and has successfully blocked $300 million in fraudulent losses throughout the previous 12 months.
The blockchain industry's growing focus on prevention tools
Risk assessment systems and fraud detection solutions for blockchain networks have proliferated in recent years as digital asset platforms and payment processors address escalating fraud-related financial damages.
Firms specializing in blockchain intelligence like TRM Labs and Elliptic, traditionally recognized for tracing transactions and sanctions compliance, have introduced wallet risk assessment and live transaction surveillance capabilities that can be incorporated directly into withdrawal procedures and payment systems.
In a recent Cointelegraph report, TRM Labs announced a collaboration with banking technology company Finray Technologies to provide immediate risk notifications for questionable transactions occurring on various blockchain networks, demonstrating the increasing convergence between cryptocurrency regulatory compliance and conventional financial oversight mechanisms.
Notwithstanding the proliferation of surveillance and preventive technologies, financial damages continue to be significant. Analysis conducted by Chainalysis indicates that approximately $17 billion was siphoned off through crypto-connected fraud operations in 2025.
Schemes involving impersonation, frequently featuring fraudulent investment websites or criminals masquerading as legitimate contacts, saw the most significant annual growth, climbing approximately 1,400%, based on the research findings.