Blockchain forensics leader Crystal Intelligence announced its acquisition of Scam Alert, a widely used crypto scam reporting platform originally developed by Whale Alert. The deal, expected to close by the end of May 2025, will see Scam Alert operate as an independent, non-commercial entity within Crystal Intelligence, reinforcing the firm’s mission to combat the rising tide of crypto fraud globally.
Navin Gupta, CEO of Crystal Intelligence and former managing director at Ripple, emphasized the critical need for such a platform: “Scam victims often have no place to turn. Scam Alert provides them a voice, enabling reports that help create a clearer picture of scam operations, their spread, and targets. This insight is invaluable for prevention and for investigators and law enforcement facing an increasingly complex threat landscape.”
The acquisition aims to enhance how crypto fraud victims report scams by aggregating individual reports using Crystal’s advanced clustering analytics. This technology links isolated incidents to larger fraudulent schemes, providing actionable intelligence to law enforcement agencies worldwide. Victims can report scams anonymously or openly, with strong data privacy protections compliant with global standards like GDPR.
Whale Alert will continue as an advisory partner, supporting Scam Alert’s expansion and outreach. Crystal Intelligence plans a phased rollout that includes multilingual data collection, improved victim support infrastructure, and deeper collaboration with law enforcement and local blockchain communities globally. Crystal COO Marina Khaustova highlighted that localization extends beyond language to include cultural context, regional fraud patterns, and trusted community partnerships, which are vital to addressing the growing problem of crypto scams.
The urgency of this initiative is underscored by recent FBI data showing crypto-related financial crimes surged by 66% in 2024 compared to 2023, with losses exceeding $9.3 billion. Older individuals, particularly those aged 60 and above, suffered significant losses totaling approximately $2.8 billion.
Crystal Intelligence’s acquisition of Scam Alert represents a strategic step toward fostering a safer crypto ecosystem by empowering victims, enhancing fraud detection, and supporting law enforcement efforts. The platform is backed by key industry players including Polygon, Tether, and the Ethereum Foundation, reflecting broad support for a more secure blockchain environment.
This acquisition signals a major advancement in the fight against crypto scams, combining Crystal Intelligence’s forensic expertise with Scam Alert’s victim-centric reporting platform to create a comprehensive tool for fraud prevention, victim assistance, and global enforcement collaboration.
