TechFlow news, May 1 — According to The Block, blockchain forensics firm Crystal Intelligence plans to acquire Scam Alerts, a Web3 fraud notification platform operated by cryptocurrency transaction monitoring company Whale Alert.
The deal is expected to close by the end of May, with terms undisclosed. Following the acquisition, Scam Alerts will operate as an independent non-commercial entity within Crystal Intelligence.
"Victims of fraud often have nowhere to turn," said Navin Gupta, CEO of Crystal Intelligence. "Scam Alerts aims to give them a channel to speak and be heard. Every submitted report helps create a clearer picture of how these scams operate, where they spread, and who they target."
Following the acquisition, Whale Alert will serve as an advisory partner. Crystal Intelligence plans to launch a comprehensive data collection system supporting multiple languages and offering improved victim support structures. Additionally, Crystal intends to strengthen collaboration with global law enforcement agencies.
A recent report from the FBI's cybercrime division indicates that financial crimes related to crypto appear to be rising. The FBI's Internet Crime Complaint Center received approximately 150,000 complaints involving cryptocurrency, with estimated losses exceeding $9.3 billion—up 66% from 2023.
