Blockchain Company Crystal Intelligence Made a New Acquisition to Prevent Fraud in the Crypto Space! Here Are the Details

Blockchain forensic firm Crystal Intelligence is preparing to acquire Scam Alerts, a web3 fraud notification platform developed by Whale Alert, as part of an initiative aimed at preventing fraud in the crypto space and enhancing victim support.

Crystal Intelligence Will Acquire Whale Alert's Fraud Notification Platform to Combat Crypto Fraud

While the financial terms of the agreement are not disclosed, the acquisition is expected to be completed by the end of May. After the Scam Alerts are completed, it will operate as an independent, non-commercial entity under Crystal Intelligence.

"Navin Gupta, CEO of Crystal Intelligence and former Ripple executive, said, "Fraud victims often find it hard to find a place to turn to. Scam Alert provides them with a way to make their voices heard."

Gupta also added that every fraud report sent through the platform contributes to a clearer understanding of fraud tactics and distribution models, providing critical information for law enforcement and inspectors.

Scam Alerts helps crypto users report fraud incidents, aiding in the mapping and analysis of fraud schemes.

With this acquisition, Crystal plans to facilitate fraud reporting, expand multilingual support, and create a stronger support framework for victims. The company also aims to improve coordination with global law enforcement agencies and local blockchain communities.

Crystal COO Marina Khaustova stated, "Localization means more to us than just language; it relates to cultural context, regional fraud patterns, and trustworthy community partners."

Whale Alert will remain as a consulting partner after the acquisition and will continue to contribute expertise to the platform's development.

Crystal Intelligence states that its broader goal is to help make the crypto space safer and more reliable.