TRM Labs Partners Crypto Industry To Launch Scam Reporting Platform

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Blockchain intelligence firm TRM Labs has teamed up with crypto industry leaders, including financial technology firm Circle, Solana Foundation, The Aave Companies, enterprise-grade public ledger Hedera, Crypto exchange Binance.US, Opensea and Civic, to launch a new multi-chain community-driven scam reporting platform called "Chainabuse."

The industry-led initiative, backed by leading crypto businesses, protocols, and foundations, lets anyone, anywhere to file a report on and learn about crypto hacks, scams, and fraudulent activity so they can more safely participate in the growing crypto economy. Any organization can become an official Chainabuse partner to empower themselves against crypto fraud.

The rise in crypto adoption across the globe has also seen rising percentages of hacks and scams that continue to target the crypto users. The cryptocurrency industry has seen exponential growth hitting a $3 trillion market cap in 2021. With this, the rate of hacks and scams targeting crypto users has also grown.

The platform empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it. Chainabuse may also share reports with its partners so that they can alert their users of any relevant or trending scams, hacks, or attacks.

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 for the next billion users.

Warnings of scams are often reported on social media sites such as Twitter or Discord, but these posts can be difficult to validate, consolidate or track over time.

This new reporting tool will allow crypto users to report illicit activity to a public forum where others can upvote, downvote or leave comments to contribute additional information. Reports on the same addresses or entities are also consolidated and housed in a searchable database.

Chainabuse provides partner crypto platform operators with a consolidated view of illicit activity reports from users, allowing them to identify prevalent, legitimate complaints and launch investigations more quickly.

The platform has been launched publicly with hundreds of reports available to search across seven blockchains, including over 100 scams related to Ukraine crypto fundraising campaigns and over 20 phishing domains and Twitter profiles targeting investors in a popular new gamified metaverse project.

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