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Crypto giants launch fraud alert platform

Crypto giants launch fraud alert platform

The Chainabuse platform will allow cryptocurrency users, victims of financial crime, and crypto businesses to get updates, discuss, and actively alert the community about fraud.

According to TRM,  seven major cryptocurrency companies, namely, Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic, launched the Chainabuse information platform. It allows cryptocurrency users to report fraud attempts and discuss "scams" and hacks in real-time.

In its announcement, TRM Labs pointed out that crypto companies often post warnings on their social networks that are easily overlooked and difficult to keep track of.

"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,“ said Joe McGill, former U.S. Secret Service and Postal Investigator, now part of the global investigations team at TRM and one of Chainabuse’s chief architects. “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.”

Reports concerning the same addresses or objects are combined and stored in a searchable database that anyone can use to check addresses or projects before interacting with them.

There have already been more than 500 reports of fraud attempts reported on the platform, most of which occurred in the most popular blockchains, namely, Ethereum - 254 reports, Bitcoin - 173, and Binance Chain - 89.

In 2021, cryptocurrency fraudsters stole a record of $14 billion. Losses from digital currency crimes increased by 79% compared to 2020.

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