OKX has expanded its partnership with Chainalysis by launching Alterya, a proactive fraud detection platform designed to block scam related withdrawals before funds leave the exchange. Alterya monitors $23 billion in monthly transactions and has prevented over $300 million in losses in the past year. Alterya analyzes scam infrastructure across websites, social media platforms, and messaging channels.
It connects suspicious activity to financial identifiers such as crypto wallet addresses, digital wallets, and bank accounts. Once integrated into OKX’s withdrawal flow, the system can flag or block transfers to addresses believed to be associated with active scams. Alterya concentrates on the recipient side, identifying wallets tied to scam networks and 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.
OKX and Chainalysis have a long standing working relationship that includes compliance efforts and collaboration with global authorities. Their cooperation has contributed to significant enforcement actions, including the largest ever fraud related seizure of crypto funds by the U.S. Department of Justice, as well as the freezing of nearly $50 million in USDT linked to scam operations.
Haider Rafique, Global Managing Partner at OKX, said: “OKX, and the entire industry, have a clear responsibility to build safe, trustworthy places where people can own and transact their digital assets. This means relentlessly enhancing our proactive defenses to block scams and fraudulent payments before they exit our ecosystem. The wild west days of crypto are over. What we’re building here is trust, radical transparency, and empowerment for millions.” Jonathan Levin, Co-Founder and CEO of Chainalysis, added: “Having a major global exchange adopt Alterya is a strong signal that remediation after the fact isn’t enough to stop fraud. The best way to protect customers is to prevent scam payments in the first place — it’s both the right thing to do and a competitive advantage. OKX is leading by example and raising the bar for proactive scam prevention across the industry.”
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