Crypto fraud prevention is a critical concern for exchanges, and OKX is taking a major step forward by adopting Chainalysis Alterya. Building on their existing relationship, OKX will now leverage Alterya to proactively protect customers by blocking transfers to known scam destinations before funds leave the platform.
Fraud and scams continue to plague the crypto landscape, with Chainalysis estimating that scammers stole $17 billion in crypto in 2025 alone. The rise of AI-powered scams, such as voice cloning and deepfake impersonation, has only exacerbated the problem, making crypto fraud prevention more crucial than ever.
OKX and Chainalysis have a history of collaborating with law enforcement, contributing to significant seizures of illicit crypto funds. These efforts include the U.S. Department of Justice’s largest-ever fraud-related seizure and the freezing of nearly $50 million in USDT linked to scam operations.
Chainalysis Alterya: A Proactive Approach
Chainalysis Alterya is an AI-powered solution designed to detect scam infrastructure early on. It connects these signals to financial identifiers, such as crypto wallets and bank accounts, enabling real-time prevention of transfers to active scam accounts. This proactive approach helps reduce financial losses from authorized push payment (APP) fraud, minimize customer disputes, and improve customer retention. Alterya monitors over $23 billion in monthly transactions and has prevented more than $300 million in losses over the past twelve months.
“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 Enhances Crypto Fraud Prevention with Alterya
By integrating Alterya, OKX aims to significantly reduce fraud on its platform. Alterya also integrates with Chainalysis KYT (Know Your Transaction) compliance workflows, enabling pre-withdrawal screening and evidence-backed alerts for efficient manual review. This integration provides webhooks and dashboards to streamline prevention in high-volume environments.
The Future of Crypto Security
“OKX, and the entire industry, have a clear responsibility to build safe, trustworthy places where people can own and transact their digital assets,” said Haider Rafique, Global Managing Partner, OKX. “This means relentlessly enhancing our proactive defenses to block scams and fraudulent payments before they exit our ecosystem.”
This proactive approach to crypto fraud prevention sets a new standard for the industry. By prioritizing prevention over remediation, OKX is demonstrating its commitment to protecting its users and fostering a safer crypto environment.
In conclusion, OKX’s adoption of Chainalysis Alterya marks a significant step towards proactively combating fraud in the crypto space. By preventing scam payments before they occur, OKX is not only protecting its users but also setting a positive example for the industry as a whole, paving the way for a more secure and trustworthy digital asset ecosystem.
