Crypto Giants Join Forces to Fight Scams

Seven cryptocurrency leaders establish a blockchain-powered scam-reporting platform.

Crypto Giants Join Forces to Fight Scams

TRM Labs, blockchain intelligence solutions, has been joined by six other major crypto platforms and exchanges to create an online tool for reporting cybercrimes and scams. Circle, Solana Foundation, The Aave Companies, Hedera, Binance.US, and Civic have officially announced the launch of Chainabuse, BusinessWire informs.

The tool aims to combat financial crime by creating a network available for everyone to report a fraudulent project. Not only will this provide help in investigating cybercrimes, but also provide information to new potential victims about untrustworthy companies.

Joe McGill, former U.S. Secret Service and Postal Investigator, and currently a part of the global investigations team at TRM, has said about the new project:

"In numerous recent attacks and instances of malicious activity, we have already seen the crypto community's potential to come together to root out bad actors and help protect each other. Chainabuse was designed to make it easier for more people to play an active role in advancing that culture and ensure that the spirit of community remains one of crypto’s most powerful attributes.”

The platform is free-to-use, providing a database of a so-to-speak “company verification” for new users. Chainabuse represents the next logical step in fighting cybercrime and crypto scammers.

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