The pandemic’s beginnings have seen cryptocurrency be the focus of much attention. In fact, Google search for Bitcoin has outnumbered COVID-19. World-class fraudsters have also noticed the growing interest in this sector. There has been an unimaginable rise in fraudsters in this area due to the rising popularity of blockchain and crypto industries.
Scammers love the combination of high-tech industry and limited knowledge. Scammers can easily pull off multi-million dollar scams in this environment. There are people who work to prevent scammers from entering the crypto space. This is a listing of some tools and businesses that work to combat the growing crypto scammers.
SpyWolf’s stated purpose is to find and eliminate crypto-scammers. Their goal is to eradicate all crypto-related monetary fraud. SpyWolf employs a utility token as well as advanced auditing services to achieve their goal.
The SpyWolf team welcomes any project operating in the crypto area to request an audit. The team will then publish easy-to-read audit reviews of the project’s code, team, website, and social media channels. They will then provide a promotional NFT as part of the audit, which can be shared with the project’s community. This NFT acts as a “Certificate of Trust”, which proves to the community that a project is SAFU.
SpyWolf offers KYC services, which are designed to safeguard the crypto industry from fraud, money laundering and corruption. They also offer consulting services to help you launch your project, starting from the concept stage. SpyWolf consultants will assist project founders through the entire process, to make sure they have a solid foundation. SpyWolf is a consultant that works closely with lawyers to make sure projects conform with the law.
SpyWolf has a bounty program to reward those who help it identify fraud projects.
SpyWolf is creating a safer space in crypto for everyone. The SpyWolf project ensures that people trying to join the space do not get scammed. This could make it difficult for them to access technology and an ecosystem that could change all aspects modern life.
CertiK, another initiative that’s leading the charge to improve the cryptocurrency space is CertiK. This security blockchain has many uses. CertiK can be used as a formal verification technology to conduct security audits for crypto projects. The leaderboard allows projects to be rated based on their trust level.
The company conducts security audits of blockchain protocols, DApps and Wallets as well as smart contracts. CertiK has been a part of partnerships with major players like IBM, Binance, Huobi and Binance. CertiK exists to discover exploits and security flaws in projects within the crypto sector. CertiK offers a secure programming platform within its native blockchain. DeepSEA allows users to create verifiable smart contracts using this language.
Escrow Protocol is another worthwhile project. This trust fund is a decentralized trust, and combines traditional crowdfunding technology with smart contracts. Start-ups looking for funds may create milestones or timelines. They are determined by their real capacity and achievable performance goals.
The Escrow Protocol establishes measurable achievements for funding delivery after promises have been kept. Escrow Protocol lets project managers build trust by allowing ICO funds post-raise to be managed using milestone-triggered micropayments. This gives investors unparalleled control of a project and protects them from the rug-pulls which have been common in crypto.
Scammers are still attracted to the crypto market, but experts in the field are taking the initiative and succeeding. The use of these tools will continue to increase, which will deter fraudsters and help build trust between potential investors. A healthier ecosystem will result, where trust isn’t a barrier to its growth.