Thursday, June 20, 2024

Crypto firms launch multi-chain scam reporting platform.

A group of crypto firms, including Circle, Solana, Hedera, and Binance among others, have joined forces for a new multi-chain scam reporting platform. This new community-powered scam reporting platform is called Chainabuse. The platform empowers those in the crypto economy to warn others about scams, hacks, and other fraudulent activities.

With this free tool, crypto users, victims of financial crimes, and crypto businesses play an active role to make the digital asset ecosystem a safer place to operate. Chainabuse is touted as the first purpose-built platform of its kind, which allows users to report illicit activity to a public forum. It should be noted that reports on the same addresses or entities are consolidated and kept in a searchable database. Anyone can use it proactively to check addresses and projects before engaging with them.

Joe McGill, a member of the global investigations team at TRM and one of Chainabuse’s chief architects, highlighted that they have already seen in numerous recent attacks and malicious activity, the crypto community’s potential to flush out bad actors and help protect each other. McGill said the new platform was designed to make it easier for more people to play an active role in advancing that culture. Chainabuse will ensure that the spirit of the community remains one of crypto’s most powerful attributes.

Mandeep Walia, the chief compliance and risk officer at Circle, said Chainabuse enhances the depth and effectiveness of their compliance monitoring program. It leverages an aggregated view of the distributed efforts of the entire crypto community. Walia explained that the safety and security of Web3 users is their top priority. It will enable them to reduce scams and hacks. Stani Kulechov, the CEO of Aave, pointed out that through Chainabuse, they will be able to work together with industry partners to promote a better environment for the next million participants of DeFi and Web3.

Leading crypto businesses, protocols, and foundations support Chainabuse in an effort to make the crypto ecosystem a safe and trusted environment. The new platform provides partner crypto platform operators with a consolidated view of illicit activity reports from users. It allows them to identify prevalent, legitimate complaints and launch probes more quickly.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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