Blockchain analytics firm Crystal Intelligence is set to acquire Scam Alert, a web3 fraud notification platform developed by Whale Alert.
Crystal Intelligence Acquires Whale Alert’s Scam Alert
Even though financial terms of the deal were not disclosed, the acquisition is expected to be finalized by the end of May. Once confirmed, Scam Alert will function as a standalone, non-commercial unit within Crystal Intelligence, the company announced in a statement.
Scam Alert, which has allowed users to report fraudulent activities and suspicious transactions, will now be scaled under Crystal’s leadership. The move aims to make scam reporting more accessible, centralized, and actionable, and has helped both victims and law enforcement agencies to track and respond to increasingly sophisticated fraud tactics.
“Too often, scam victims are left with no place to turn,” said Crystal Intelligence CEO Navin Gupta. “Scam Alert is about creating a space where people can speak up and contribute to a clearer picture of how these scams function, where they spread, and who they target. That insight is essential to both prevention and enforcement.”
Gupta, who joined Crystal in early 2024 after a senior role at Ripple, said the acquisition aligns with the firm’s mission to reduce fraud in the crypto space and foster broader adoption of digital assets.
Note that, Whale Alert will remain involved after the acquisition as an advisory partner. Crystal is planning to improve Scam Alert’s capabilities with multilingual support, localized fraud data, and improved tools for victims. The platform will also collaborate with regional blockchain communities and law enforcement agencies to strengthen cross-border response efforts.
“Localization means more than just translating text — it’s about understanding regional fraud patterns and building trust within communities,” said Crystal COO Marina Khaustova.
The acquisition comes at a time when crypto-related fraud is on the rise. According to a recent FBI report, crypto scams cost users over $9.3 billion in 2024, which is a 66% YOY increase. Older adults have been especially vulnerable in these frauds, with Americans aged 60 and over losing nearly $2.8 billion to digital asset fraud.
Recently, a new sophisticated instance of fraud came to light when scammers were found sending convincing physical letters to Ledger users that impersonate Ledger wallet, urging recipients to disclose their private recovery phrases under the disguise of a critical security update.
Also Read: Coinbase Calls for Repeal of SEC Staff Trading Restrictions on Crypto
