Cryptocurrency exchanges are moving to block scam-linked transfers before funds leave their platforms as fraud losses continue to climb.
Crypto exchange OKX has expanded its relationship with blockchain analytics company Chainalysis by integrating Alterya, a fraud-detection platform designed to identify scam-related payment destinations before funds are sent.
The partnership reflects a broader shift among exchanges from post-transaction blockchain monitoring toward earlier intervention, particularly in cases where users are persuaded to transfer funds to scam-controlled accounts, OKX told Cointelegraph.
Alterya analyzes scam infrastructure across websites, social media and messaging channels, and links those signals to financial identifiers such as crypto wallets and bank accounts. Integrated into withdrawal flows, the system allows exchanges to flag or block transfers to addresses believed to be associated with active scams.
Traditional anti-money laundering (AML) tools typically focus on the sender through Know Your Customer (KYC) checks and transaction monitoring. Alterya instead concentrates 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 reportedly valued at $150 million, marking its expansion beyond blockchain tracing into real-time fraud prevention for payments.
Prior to the acquisition, Alterya worked with exchanges including Coinbase and Binance. The company says its systems monitor more than $23 billion in monthly transaction volume and has prevented $300 million in losses over the past 12 months.
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Blockchain risk monitoring and fraud intelligence platforms have expanded in recent years as exchanges and payment providers respond to rising scam-related losses.
Blockchain analytics companies 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 integrated into withdrawal and payment flows.
As Cointelegraph recently reported, TRM Labs partnered with banking infrastructure provider Finray Technologies to deliver real-time risk alerts for suspicious activity across multiple blockchains, reflecting growing crossover between crypto compliance and traditional financial controls.
Despite the expansion of monitoring and prevention tools, losses remain substantial. Research from Chainalysis estimates that roughly $17 billion was lost to crypto-related scams in 2025.
Impersonation scams, often involving fake investment platforms or individuals posing as trusted entities, recorded the largest year-on-year increase, rising by about 1,400%, according to the data.
