Amid the rise in crypto crime, Crystal Intelligence has acquired the Whale Alert fraud alert platform to turn individual victim reports into practical intelligence for law enforcement.
Crystal Intelligence, a blockchain analytics and risk monitoring company, has announced it will obtain fraud alerts, a public platform for reporting and detecting cryptographic fraud developed by Whale Alerts, to enable victims to report fraud and enable law enforcement to identify a wider range of fraud networks.
In a press release shared with Crypto News, Crystal Intelligence said that Crypto scams “have not realized that they have reached unprecedented levels, and that victims are often isolated, unsupported and part of a broader, coordinated scheme.”
Using fraud alerts, blockchain forensic companies will use their analytics tools to link individual fraud reports to reveal larger operations.
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The company decided to buy fraud alerts as Crystal Intelligence CEO Navingputa explained that individual victims “rarely see justice and allow fraudsters to repeatedly hurt thousands of more.” Despite the acquisition, its prices remain unknown, Crystal Intelligence says the fraud alert will be structured as a standalone, non-profit project.
Crystal Intelligence will start things with multilingual data collection, support tools for victims, and partnerships with regulators and law enforcement agencies around the world, the company said. According to the FBI’s Internet Crime Complaint Center, the losses in crypto crime reached $9.3 billion in 2024, a 66% jump from the previous year.
read more: The flag of Canadian securities regulators is rising crypto fraud amid “geopolitical unpredictability.”
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