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- Crystal buys fraud alerts to fight Crypto Scams.
- Use AI to track fraud and help victims.
- It is supported by Tether, Polygon and the Ethereum Foundation.
As crypto fraud reaches amazing new heights, blockchain analytics firm Crystal Intelligence took a bold step towards curbing the threat.
At Token2049 Dubai, the company announced its acquisition of fraud alerts, a cryptographic fraud reporting platform created by whale alerts.
The move is set up to connect scattered reports using Crytal’s advanced analytics and translate methods of detecting and reporting cryptocurrency fraud to provide critical intelligence to law enforcement agencies around the world.
Cryptocurrency in the blockchain ecosystem
In 2024 alone, global losses from crypto fraud rose 66% year-on-year to over $9.3 billion, according to the FBI’s Internet Crime Complaint Center.
Victims often find themselves isolated and unsupported, as they barely want to recover their assets or see justice being served.
The acquisition of Crystal’s fraud alerts is attempting to change that by creating a co-ecosystem of structured transparency for fraud detection and victim support.
Crystal Intelligence uses its own clustering and blockchain analytics to tally fraud reports submitted via fraud alerts, identify larger fraud networks, and expose coordinated criminal activities.
This will allow virtual asset service providers (VASPs) and law enforcement to take timely action and prevent further damage.
“We receive countless pain messages from fraud victims, but there are rare systems to help them,” says Navingputa, CEO of Crystal Intelligence.
“The fraud alerts represent our commitment to providing real help by triaging authentic reports and working with enforcement agencies to track and recover stolen assets.”
Whale Alerts, which have built fraud alerts to tackle crypto crime transparency, will continue to be featured as advisory partners.
The collaboration is expected to amplify the platform’s reach and leverage the impactful social media presence of Whale Alert and the extensive fraud tracking experience.
Crystal’s COO Marina Kudeva highlighted the potential impact of the platform. “Fraud alerts can become a lifeline for those affected by cryptographic fraud, and victims deserve a recognized pathway for support and fund recovery.
Gradual global rollout
Crystal Intelligence plans a phased global rollout of fraud alerts, starting with a multilingual data collection and local victim support hub.
The platform will involve local blockchain communities, foundations and regulatory bodies and employ a hyperlocal intelligence approach to ensure grassroots engagement.
In particular, the initiative has received support from stakeholders in key industries such as Tether, Polygon and The Ethereum Foundation, highlighting the growing consensus on the urgent need for crypto-security infrastructure.
Scalling alerts, organized as a non-profit standalone project, are calls for the broader blockchain industry to take action to unite against crypto fraud through shared intelligence, transparency and collaboration.
