Binance, Circle and others have created a platform to report on crypto frauds. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.”
A new platform for reporting crypto scams has been launched
A variety of cryptocurrency firms joined hands to launch a multi-chain, scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform, Chainabuse.”
The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it,” the announcement details, elaborating:
It allows victims of financial crimes and users to participate in the creation of a crypto safe environment.
Users can currently file reports for Bitcoin, Ethereum and Solana. Users can upvote and downvote reports. To add additional information, other platform users may also make comments.
It explains:
The reports for the same entities or addresses are aggregated and stored in a searchable database. Anyone can then use this database to look up addresses and project information before engaging.
At the time of writing, there are 624 reports showing on the platform, including over 100 scams related to Ukraine’s crypto fundraising campaigns.
Chainabuse stated that it doesn’t file reports for users with the law enforcement, and stressed that filing a report was primarily done to notify others about the scam. However, the platform’s FAQ page explains:
A Chainabuse report can help to expose multiple victims and allow victims to choose to be in touch with law enforcement.
“We encourage all victims of cryptocurrency exploits to consider filing a report with the FBI’s IC3, Europol or the relevant law enforcement agency in their jurisdiction,” the Chainabuse team noted.
Chainabuse: what do you think? And will you ever use it again? Please leave your comments below.
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