Seven major cryptocurrency firms — Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic — have teamed up to launch a community-driven scam reporting tool. Dubbed Chainabuse, the tool is designed to enable crypto users to issue warnings and discuss ongoing fraudulent activity, such as scams and hacks, in real time.
The Chainabuse platform was launched on Wednesday in response to the ongoing scams plaguing the crypto ecosystem. On May 4, Cointelegraph warned the community about an increase in Ape-themed airdrop phishing scams.
Chainabuse is a one-stop platform for crypto users, financial crime victims, and crypto businesses to proactively report, discuss, and issue warnings, ultimately reducing the effectiveness of scams.
In the announcement, TRM Labs emphasized that crypto companies often post warnings on social media platforms such as Twitter and Discord, which are easy to ignore and difficult to follow. However, companies and cryptocurrency investors can use Chainabuse's public forums to support, disapprove, and comment to provide more information on reported illegal activity.
The free-to-use platform also maintains a database of illicit activity that prospective cryptocurrency users can use to research projects before making investments. Chainabuse Chief Architect and former U.S. Secret Service and Postal Investigator Joe McGill called attention to the countless instances where the crypto community came together “to root out bad behavior and help protect each other,” adding:
"Chainabuse aims to make it easier for more people to take an active role in advancing this culture."
Additionally, all representatives of the seven cryptocurrency companies emphasized the importance of protecting the interests and people of the cryptocurrency community — pointing out that the fear of rug pulls and being hacked is holding back the overall adoption of cryptocurrencies.
The Turkish arm of cryptocurrency exchange Binance recently went on the offensive against scammers who were caught using billboards promoting fake Binance-branded investment opportunities.
In the latest warning issued by Binance Turkey, billboards displayed an ad for “Binance Travel Exchange,” which has no connection to Binance, founded by Changpeng Zhao. On April 15, Binance launched its first 24/7 customer service center in Turkey, preparing to expand its services globally.
Cointelegraph