Crystal Intelligence acquires scam alert to empower crypto scam victims, enhance global fraud detection
DUBAI, United Arab Emirates --(BUSINESS WIRE)-- Crystal Intelligence, a global leader in blockchain analytics and risk monitoring, announces today at Token2049 Dubai that it is acquiring Scam Alert, a publicly accessible platform for crypto scam reporting and detection initially created by Whale Alert. The acquisition reinforces Crystal's commitment to empowering scam victims globally, facilitating faster and more effective responses to crypto fraud, and enhancing cooperation with law enforcement agencies.
Crypto fraud has reached unprecedented levels, and victims are often left isolated, unsupported, and unaware that they may be part of a broader, coordinated scheme.
Crystal's acquisition of Scam Alert is designed to change this by enabling victims to report scams and aggregate these individual reports through Crystal's advanced clustering analytics. This technology identifies broader fraud patterns, linking isolated cases to larger operations and providing critical intelligence to law enforcement agencies globally.
Frank van Weert, Founder and CEO of Whale Alert, said 'We launched Scam Alert to combat crypto crime, and by joining forces with Crystal Intelligence, we can now make a meaningful impact where others have fallen short. Blockchain can only thrive in an environment where users feel safe.'
'We are fundamentally a B2B company, yet we receive an overwhelming number of desperate outreach messages from scam victims with minimal resources available,' said Navin Gupta, CEO of Crystal Intelligence. 'Individual victims rarely see justice, enabling scammers to repeatedly harm thousands more. This has to stop. Scam Alert is our important step toward protecting individuals, triaging genuine scam reports, and collaborating directly with law enforcement and virtual asset service providers (VASPs) to prevent future victimization and support potential fund recovery.'
The frequency and scale of cryptocurrency crimes have surged substantially in recent years, with losses surpassing $9.3 billion in 2024 alone, a 66% jump from 2023, according to the FBI's Internet Crime Complaint Center 2024 Report.
Whale Alert will continue as an advisory partner, amplifying Scam Alert's reach across its substantial social media following. Crystal plans a phased rollout, starting with comprehensive multilingual data collection, victim support infrastructure, and strategic collaboration with global law enforcement and regulatory bodies. Scam Alert will also adopt Crystal's hyperlocal intelligence approach by working closely with local ambassadors, foundations, and blockchain communities worldwide. This is also a call to action for others who believe in this cause to join us.
Marina Khaustova, COO of Crystal says, 'Scam Alert can be a lifeline for those impacted by crypto fraud. Victims deserve a recognized course of action and genuine support. Scam Alert will convert scattered experiences into actionable insights, contributing significantly to scam prevention and victim support. We look forward to working with Whale Alert to deliver an unmatched platform in the fraud protection and recovery process for crypto.'
The initiative has received support from key industry stakeholders, including Polygon, Tether, and Ethereum Foundation—partners who share our vision for a safer crypto ecosystem.
Crystal's long-term vision involves significantly improving crypto community safety. Gupta emphasized, 'Scams remain the biggest obstacle to new user adoption in crypto. Scam Alert symbolizes our ongoing commitment to a safer blockchain ecosystem. Through collaborative data sharing, educational initiatives, and early detection of scam trends, we aim to equip VASPs and law enforcement with powerful tools to combat crime.'
The Scam Alert initiative is intentionally structured as a standalone, non-commercial project within Crystal, inviting collaboration with industry peers, foundations and regulatory authorities.
About Crystal Intelligence
Crystal is a leading blockchain intelligence firm empowering financial institutions, law enforcement, and regulators with real-time blockchain analysis, investigative, and compliance solutions. Our technology helps financial institutions efficiently comply with global anti-money laundering regulations. Investigators and government agencies rely on Crystal's cutting-edge technology and real-time intelligence to solve crypto investigations. Available as a free blockchain explorer, SaaS, or API.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
12-05-2025
- Gulf Today
Mbank provides AED Escrow Account Services to Changer.ae clients enabling secure and regulated Dirham to crypto conversions
Gulf Network In a significant step toward bridging the gap between traditional finance and the digital asset economy, Mbank provides AED Escrow Account Services to clients enabling secure and regulated dirham to crypto conversions and trades executed at the platform. Through this service, customers can safely utilize a Dirham escrow account powered by Al Maryah Community Bank (Mbank), while all conversions between dirhams and crypto assets are executed by Mbank and have announced the launch of a unique Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions. The announcement was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of and Wang Hao, Senior Executive Officer at in attendance. The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for is a premium independent crypto custodian service and Virtual Asset Service Provider (VASP) licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This approval enables secure and compliant holding of AED funds in escrow through Mbank's digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank's trusted digital banking platform. The cooperation between Mbank and enables individuals to exchange supported cryptocurrencies and stablecoins into AED via with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances. Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of stated: 'We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with aligns with our mission to drive innovation in the UAE's financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE's commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.' Mr. Wang Hao, Senior Executive Officer at said: 'At we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.' Mr. Tarek Soubra, Chief Technology Officer at Mbank, added: 'This new AED escrow account service is an exciting leap forward for both Mbank and By leveraging the safe and reliable crypto custody infrastructure and systems of developed in-house using the highest standards of security, reliability, and compliance without reliance on third-party Crypto custody platforms, and the seamless and straight through integration between the systems of Mbank and our customers benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.' To find out more, visit
The National
02-05-2025
- The National
Will crypto replace traditional finance in our daily lives?
Cryptocurrencies are rapidly gaining more popularity, but it will be a while before they can replace traditional finance in our daily life tasks, according to experts. For cryptocurrencies to become the primary financial mode, there needs to be more regulatory certainty, further adoption of public use cases and a reduction of crimes in the sector, according to experts at the cryptocurrency conference Token2049 in Dubai this week. Initially, traditional finance and the new system of digital currencies will compete with each other, but the customer will eventually win because of better pricing, improved speed, quality and efficiency, said Navin Gupta, chief executive of blockchain analytics platform Crystal Intelligence. 'This week, First Abu Dhabi Bank [along with IHC and ADQ] announced plans to launch its own stablecoin. Traditional institutions wouldn't want to miss out because their customers would want the best of both worlds. They can access traditional finance, crypto, blockchain-enabled finance, and then choose whichever one but from the same brand. But that will take some years because we have many institutions that need to wake up to the new reality,' Mr Gupta said. Crypto will 'definitely emerge' in the next three years as a choice that every customer will have, he added. The UAE is taking steps to boost the adoption of digital assets and has launched several initiatives to support the sector. Abu Dhabi's ADGM has attracted global cryptocurrency players such as eToro and M2, allowing these companies to operate as a broker for securities, derivatives and crypto assets, and platforms for institutional and retail investors to buy, sell and hold custody of virtual assets. Dubai also adopted a law in 2022 to regulate virtual assets to support investors and streamline the offerings from exchanges. The emirate also set up the Virtual Assets Regulatory Authority under the Dubai Virtual Asset Regulation Law, to create an advanced legal framework. The UAE Central Bank also issued a regulation on stablecoins last June that will only allow businesses and sellers in the Emirates to accept cryptocurrencies for goods and services if they are dirham-backed stablecoins. Mr Gupta praised the UAE for its regulatory clarity and also cited improving policy certainty in the US. Most jurisdictions realise that 'this genie cannot be put into the bottle' and are coming up with regulation to keep customers safe, he said. However, he stressed the need for more adoption in terms of use cases, for example, remittances, payments or digital collectibles. Many use cases also need to become far more prominent, and the number of scams need to go down, he cautioned. Alice Shikova, marketing team lead at digital identity platform Space ID, also warned of challenges of interoperability and the lack of UX/UI experience for crypto users. It's still 'complex to switch between chains and to transact freely', she told The National. 'You always need to watch out for potential hackers. Everyone in the crypto space should have their own digital identity and on-chain name, that will make every transaction and person verifiable,' she suggested. When it comes to crypto use cases, payments solutions could offer big benefits, said Harrison Seletsky, director of business development at Space ID. At present, if you want to do an international remittance transaction, there's relatively high fees and it may take a few days. With crypto, it can be instantaneous, permission-free and a lot cheaper, he said. Stablecoins offer an example of a 'massive' use case already, especially for up-and-coming economies. For people who may not have easy access to US dollars, cryptos give them instant access to safe and secure alternatives on the blockchain, Mr Seletsky added. Vincent Chok, chief executive of First Digital, agreed that stablecoins are the 'next frontier of borderless finance' and are emerging as key players in the new financial infrastructure. Taking remittances as an example, he said in traditional systems, money movement is slow, expensive and limited by banking hours. Stablecoins change that by enabling users to send money globally, instantly and at a lower cost with 24/7 availability. 'It's definitely going to take some time because the banks move very slow. But the underlying infrastructure and value proposition are clear. So, over time, it will continue to move in that direction,' Mr Seletsky said. Paul Talbert, managing director and co-founder of Asset Token Ventures, a company that tokenises assets in fixed income and private credit, said the entry of more retail investors will help cryptos get more mainstream. As more regulation and public use cases come out, people will get more comfortable with it. They may replace traditional finance maybe in five years or 10 years, he reckoned. 'We're seeing a lot of growth. If you just look from 2023 to 2024, there was a massive increase in the amount of assets that were tokenised. We'll continue to see that,' Mr Talbert said. 'But it needs retail investors coming to the game, and that's coming on board slowly because regulation has made it slower than it could be. Other places like the US have to take a regulatory approach like the UAE and make it easier for the smaller retail investors.' Mr Chok from First Digital believes crypto won't replace traditional finance but will support it, boosting 'financial fluidity'. Hailing the arrival of spot Bitcoin exchange-traded funds, led by companies like BlackRock and Fidelity as a major milestone for crypto, Ryan Chow, founder of Solv Protocol, said they've played a key role in bridging the gap between traditional finance and crypto, giving institutional investors streamlined access to Bitcoin. 'Crypto isn't just for speculators any more, it's becoming part of the broader financial conversation,' Mr Chow said. 'Crypto still has a long way to go before it can truly rival traditional finance, but there's no question that the groundwork is being laid.'
Web Release
02-05-2025
- Web Release
Joud Aboud, EVP of Ghassan Aboud Group, and Emirates Family Office Association host landmark GCC-Asia Cross-Industry Leadership Event ahead of Token2049
By Editor_wr Last updated May 1, 2025 In a further demonstration of the UAE's growing role as a global hub for cross-border collaboration, Joud Aboud, EVP of Ghassan Aboud Group, and Emirates Family Office Association hosted a high-profile forum on 28 April bringing together members of the royal family, high-level family office figures, tech pioneers and next-generation leaders from across Asia and the GCC. The evening, titled 'Where Legacy Meets Vision', was also supported by Looking Glass and celebrated heritage, innovation, and the strengthening ties between two dynamic regions and generations of business leaders. The gathering reflected the UAE's commitment to fostering deeper Asia-Middle East ties, particularly in family business, innovation and investment – sectors that are critical to regional economic diversification and long-term prosperity. Distinguished guests at the event included H.E. Dr Ahmed Al Banna, as well as Peter Noszek, Co-Founder of SuperAI and TOKEN2049, and Adam Ladjadj, Founder and Vice-Chairman of Emirates Family Office Association. H.E. Dr Ahmed Al Banna, Chairman of Emirates Family Office Association, said: 'I would like to extend special thanks to Ms Aboud and Ghassan Aboud Group for making this fantastic initiative a reality. This event, in partnership with Emirates Family Office Association, has allowed us to convene an incredible group of people together in an inspiring environment where they can share their abundance of knowledge, vision, and ideas. 'There is so much we can learn from each other, across regions, across generations, and across industries. It is an exciting time to be in the GCC as we explore new opportunities here and in the dynamic Asian region.' Joud Aboud, Executive Vice President of the Ghassan Aboud Group, said: 'This gathering is a bridge — not just between continents, but between minds and souls. It is a testament to our shared commitment to honor the past while fearlessly embracing the future.' Peter Noszek, Co-Founder of SuperAI and TOKEN2049, added: 'From Dubai to SuperAI Singapore, we're advancing a shared vision – one championed by Emad Mostaque, a frontier tech visionary – of an 'intelligent internet' where AI, robotics and decentralised technologies link Asia and the Middle East at the frontier of innovation.' The event served as a precursor to TOKEN2049 Dubai, the global crypto and Web3 conference being held from 30 April to 1 May, and positioned the UAE at the intersection of legacy and frontier technology. Senior figures from leading Asian families and business conglomerates were also in attendance at the exclusive, closed-door event at One&Only The Palm Dubai. The evening included curated cultural performances, strategic discussions, and new joint initiatives focused on family business legacy, regional innovation ecosystems, and youth-led enterprise. Comments are closed.
