05-24-2022 icon

New crypto scam reporting platform launched

By Lucy Adegbe

Chainabuse, a crypto scam reporting company, has been launched after several crypto firms came together to form the multichain platform.

The founding members include Binance.us, TRM Labs, Circle, Hedera, Civic, Solana Foundation and the Aaves communities.

According to an announcement, the platform is operated by TRM Labs, a blockchain intelligence firm and it empowers anyone in the crypto space to warn others about scams, hacks as well as fraudulent activities whenever they encounter such.

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,” the announcement added.

With Chainabuse, users can now file reports under Bitcoin, Ethereum, Solana, Polygon, Binance Smart Chain, etc. Such reports can be upvoted or downvoted, and users can as well leave comments to add further information.

Further description on the announcement states, “.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.

Reports on the platform have exceeded 650 with over 100 of those linked to scams associated with Ukraines’s crypto fundraising.

Chainabuse states that it does not file complaints with law enforcement bodies on behalf of users but it serves as a platform where users can alert others on potential and ongoing scams.