Latest news with #CrystalIntelligence
The National
02-05-2025
- Business
- 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.'
Zawya
01-05-2025
- Business
- Zawya
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.
Business Wire
01-05-2025
- Business
- Business Wire
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. To learn more about and Crystal's efforts in blockchain monitoring, visit 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.
Bloomberg
24-03-2025
- Business
- Bloomberg
Bloomberg Businessweek: Trump's ‘Liberation Day'
Watch Carol and Tim LIVE every day on YouTube: Bloomberg News Senior White House Correspondent Josh Wingrove discusses President Donald Trump poised to be more targeted than the barrage of tariffs he has occasionally threatened, aides and allies say, a potential relief for markets gripped by anxiety about an all-out tariff war. Trump is preparing a 'Liberation Day' tariff announcement on April 2, unveiling so-called reciprocal tariffs he sees as retribution for tariffs and other barriers from other countries, including longtime US allies. While the announcement would remain a very significant expansion of US tariffs, it's shaping up as more focused than the sprawling, fully global effort Trump has otherwise mused about, officials familiar with the matter say. Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some, and — as of now — the administration is not planning separate, sectoral-specific tariffs to be unveiled at the same event, as Trump had once teased, officials said. Marina Khaustova, COO of Crystal Intelligence, provides insights into the overlooked regions facilitating crypto-based sanctions evasion. NYU Medical Center Physician Dr. Sue Decotiis looks at the science behind trending weight loss trends. And we Drive to the Close with Sarah Ponczek, Financial Advisor at UBS Private Wealth Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.
Zawya
11-03-2025
- Business
- Zawya
Industry Leaders gather in Dubai for building trust in Web3 Forum as sector reels from largest ever hack
Dubai, UAE – Over 80 leaders from the Web3 industry came together in Dubai last week for the inaugural Building Trust in Web3 Forum by OneInfinity and Dubai Insurance. Speakers from Dubai's Virtual Assets Regulatory Authority (VARA) and leading industry players OneInfinity, Ripple, MANTRA and Crystal Intelligence shared their insights on the evolving Web3 landscape in UAE and globally. The forum was held as the industry reeled from the largest ever digital assets hack with US$1.4 billion being stolen from leading exchange Bybit. Alvin Kwock, Co-founder and CEO of OneInfinity and Navin Gupta, CEO of Crystal Intelligence led a discussion on how the attack happened, tracing the stolen funds, and the role insurance can play in protecting the industry against the effects of such incidents. OneInfinity, the specialized insurer for digital assets, has operated in Dubai since 2023 in collaboration with Dubai Insurance Company. The partnership received approval from the Central Bank of UAE for their custodial risks insurance product last year and supports leading virtual asset service providers (VASPs) in the region with their insurance needs. The Building Trust in Web3 Forum brought together these VASPs along with regulators, banks, law firms and analytics experts to discuss the key topics in Web3 risk management, regulation and security. The forum benefited from VARA's strong support. Head of Sector Development, Paul Boots, opened the forum by remarking on VARA's role to enable sustainable growth in Web3 in Dubai. General Counsel, Ruben Bombardi, shared his perspective on top VARA initiatives from regulating custody, to real world asset tokenization and derivatives. Paul Boots, Head of Sector Development at VARA said, 'The Building Trust in Web3 Forum is a welcome addition to Dubai's events calendar. We thoroughly enjoyed gathering with top leaders in Dubai's Web3 ecosystem to share insights about how to champion the real opportunities within Web3, drive innovation, and collectively challenge illegal and unethical practices. I would like to thank OneInfinity and Dubai Insurance for this insightful event.' Alvin Kwock, Co-founder and CEO of OneInfinity said, 'We were blown away by the response to the first Building Trust in Web3 Forum. Representatives from every key stakeholder in UAE took time out their busy schedules to get together and share insights on the most critical issues in our sector. We're very grateful to all those who supported the event, especially Paul and Ruben from VARA and our esteemed speakers from Ripple, MANTRA and Crystal Intelligence.' About OneInfinity OneInfinity is the digital assets insurance arm of AIFT, the leading cybersecurity and insurance group. OneInfinity offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree strengthens its clients' competitive edge by enabling them to implement best practices under a robust risk management framework with a secure safety net for their assets under custody.
