Crypto giants co-launch Chainabuse platform to water down rising scams

Seven major crypto companies – Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic – joined hands to launch a community-driven scam reporting tool. Named Chainabuse, the tool aims to enable crypto users to issue warnings and discuss ongoing fraudulent activity such as scams and hacks in real-time. 

Launched on Wednesday, the Chainabuse platform aims to counter the ongoing scams plaguing the crypto ecosystem. On May 4, Cointelegraph warned the community about the rise in Ape-themed airdrop phishing scams.

Chainabuse serves as a one-stop-shop platform for crypto users, victims of financial crimes, and crypto businesses to actively report, discuss and issue warnings and ultimately reduce the effectiveness of the scam.

In the announcement, TRM Labs highlighted that crypto companies often issue warnings on social media platforms such as Twitter and Discord, which may get difficult to notice or keep track of. However, companies and crypto investors can use Chainabuse’s public forums to upvote, downvote and leave comments to provide additional information about a reported illicit activity.

The free-to-use platform also maintains a database of illicit activities, which in the future can be used by crypto users to investigate before investing in projects. Joe McGill, Chainabuse’s chief architect and former U.S. Secret Service and Postal Investigator, called attention to the numerous instances when crypto communities came together “to root out bad actors and help protect each other,” adding:

“Chainabuse was designed to make it easier for more people to play an active role in advancing that culture.”

Moreover, all the representatives of the seven crypto companies stressed the importance of safeguarding the interests and people of the crypto community – pointing out that fear of rug pulls and being hacked hampers the overall adoption of cryptocurrencies.

Related: Binance takes legal action against fake billboard ads in Turkey

The Turkish arm of crypto exchange Binance recently took an offensive stance against scammers that were found to be using billboards to advertise fake Binance-branded investment opportunities.

In the latest warning issued by Binance Turkey, the billboard is shown sporting an advertisement for “Binance Tourist exchange” that has no affiliation with the original Binance, founded by Changpeng “CZ” Zhao. On April 15, Binance launched its first 24/7 customer service center in Turkey as it prepares to expand the service worldwide.

All Dutch and English crypto news!

Bitcoin heeft bodem nog niet bereikt, aldus fondsbeheerder

Mark Mobius, mede-oprichter van Mobius Capital Partners, zegt dat de bitcoin koers zijn bodem nog niet heeft bereikt tijdens deze een langdurige neerwaartse trend. Aandelen volgen...

What is StrongBlock (STRONG) and how does it work?

The digital financial environment continues to develop almost every second, which is no surprise to those in the crypto sector. Among such technological advancements, a...

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced...

It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for...

Beste exchanges

Koop je crypto bij Bitvavo