Crypto Scams to Be Documented on New Multi-Chain Reporting Platform

Updated:

Several top crypto companies have come together to form a multi-chain reporting platform to combat the growing problem of scams in the crypto industry.

Civic, Hedera, Binance.us, Circle, the Aave Companies, TRM Labs, and Solana Foundation released a joint announcement detailing “the launch of a new community-powered scam reporting platform, Chainabuse.”

Chainabuse, 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,” according to the announcement. The announcement further detailed:

“The free tool enables crypto users, victims of financial crimes, and crypto businesses to take an active role in making the crypto ecosystem a safer place to operate.”

At the moment, users can file scams related to Bitcoin, Ethereum, Solana, Polygon, Hedera, Binance Smart Chain, and Tron on the platform. Reports are open to getting upvoted and downvoted to assist the platform to locate more pressing events. Also, other platform users can leave comments on reports to provide additional information.

The announcement also stated:

“Reports on the same addresses or entities are consolidated and housed in a searchable database, which anyone can use to proactively check addresses or projects before engaging with them.”

At press time, the platform has received 634 reports, over 100 of which are scams related to Ukraine’s crypto fundraising campaigns.

Chainabuse Only Compiles Scams for Avoidance Purpose, Does Not Alert Law Enforcement

Chainabuse clarified that it does not report filed scams with law enforcement but simply alerts the crypto community of these scams so others can avoid them or take necessary actions. The platform’s FAQ page detailed:

“Filing a report on Chainabuse may help surface multiple victims of the same scam and provides victims the ability to opt in to contact from law enforcement.”

Finally, the Chainabuse team noted: “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.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.