Blockchain forensics firm Crystal Intelligence has announced its acquisition of Scam Alerts, a web3 fraud notification platform currently managed by crypto transaction monitoring firm Whale Alert.
The parties have not disclosed the terms of the deal. They expect to finalize the acquisition by the end of May. Upon completion, Crystal Intelligence will establish Scam Alerts as a separate, non-commercial entity, according to a release shared with The Block.
Navin Gupta, CEO of Crystal Intelligence, stated in an email to The Block, “Too often, scam victims find themselves with no place to turn. Scam Alert provides them with a platform to speak up and be heard.” Every report that victims submit helps create a clearer picture of how these scams function, where they are spreading, and who they are targeting.” Such insight is crucial for prevention and for investigators and enforcement agencies trying to navigate an increasingly complex threat landscape.”
Crystal Intelligence aims to simplify the process for crypto fraud victims to report scams while aggregating individual fraud reports, according to the release. More generally, the company seeks to enhance cryptocurrency adoption by reducing the occurrence of scams within the industry.
Post-Acquisition Plans: Multilingual Support and Global Coordination
Following the acquisition, Crystal Intelligence will engage Whale Alert as an advisory partner. The company plans to launch a comprehensive data collection system that supports multiple languages and offers improved victim support. Furthermore, plans are in place for strengthening collaboration with law enforcement agencies worldwide, with Scam Alert expected to collaborate closely with local blockchain communities across the globe.
“We view localization as more than just language—it includes cultural context, regional fraud trends, and strong community partnerships,” stated Marina Khaustova, COO of Crystal, in an email to The Block. “We are launching Scam Alert in direct response to the urgent need to combat the growing fraud problem.”
Crystal appointed Navin Gupta as CEO in February 2024, after he served as managing director at the crypto firm Ripple.
A recent report from the FBI’s cybercrime division indicates an increase in crypto-related financial crimes. The FBI’s Internet Crime Complaint Center received approximately 150,000 cryptocurrency-related complaints, with reported losses exceeding $9.3 billion. This marks a 66% rise compared to 2023, with individuals aged 60 or older accounting for about $2.8 billion of the losses from crypto-related online crimes, as previously reported by The Block.
