Several crypto companies including Binance and Circle have launched a new crypto fraud reporting platform. The tool “empowers anyone in the crypto economy to alert others when they encounter fraud, hacking, or other scams.”
A new crypto scam reporting platform has been launched
A number of crypto companies have joined forces to launch a new, multi-chain fraud reporting platform, with TRM Labs, Circle, Solana Foundation, Aave Companies, Hedera, Binance.us, and Civic last week launching a ” announced the launch of a new community-powered fraud reporting platform,called Chainabuse.”
The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to alert others when they encounter fraud, hacking or other fraudulent activity,” the announcement detailed.
This free tool will enable crypto users, victims of financial crime, and crypto businesses to take an active role in making the crypto ecosystem a safer place.
Currently, users can file reports under Bitcoin, Ethereum, Solana, Polygon, Hedera, Binance Smart Chain, and Tron. Reports can be upvoted and downvoted. Other platform users can also leave comments to provide additional information.
The announcement explains that.
Reports about the same address or entity will be aggregated and housed in a searchable database so that anyone can proactively review the address or entity before engaging with it.
At the time of this writing, there are 624 reports displayed on the platform, including over 100 scams related to Ukrainian crypto fundraising campaigns.
Chainabuse explained that it does not file reports with law enforcement agencies on behalf of its users, stressing that the purpose of filing reports is primarily to warn others about scams. However, the platform’s FAQ page explains.
Filing a report with Chainabuse can uncover multiple victims of the same scam, and victims can choose to be contacted by law enforcement.
The Chainabuse team states that “all victims of cryptocurrency fraud are encouraged to consider filing a report with the FBI’s IC3, Europol or the relevant law enforcement agency in their jurisdiction.”
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