Crypto companies created a platform for collecting data on scammers

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The new Chainabuse platform is designed to collect reports from users about intruders in order to compile a detailed database and warn crypto industry participants.

TRM Labs, Solana Foundation, Aave, Circle,, Civic and Hedera have teamed up to jointly run a new multi-network fraud reporting platform. The Chainabuse platform will be operated by blockchain analytics company TRM Labs.

The platform will allow any participant in the cryptocurrency industry to warn others about the facts of fraud, hacking or other criminal activity that they have encountered. The free tool will allow you to play an active role in turning the crypto ecosystem into a safer place to work, the creators assure. Any user or a cryptocurrency company can become a member of the platform.

Currently, users of the Bitcoin, Ethereum, Solana, Hedera, Tron, Polygon, and Binance Smart Chain networks can leave complaints on the platform. Other users can upvote or downvote a complaint to move it up the rankings. Thus, the rest of the community will be able to track the most pressing problems and quickly deal with them.

“Reports for the same addresses or properties will be aggregated and hosted in a searchable database that anyone can use to proactively check addresses or projects before working on them,” the creators promise.

Currently, there are already over 600 reports on the platform, 100 of which describe scams related to cryptocurrency fundraising campaigns for Ukraine.

Chainabuse said they do not contact law enforcement on behalf of users on their own, since the main task of the platform is to warn the rest of the community about fraudulent activities. However, the platform can bring together multiple victims of the same scammer and provide an opportunity to contact law enforcement.

Earlier, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against two Americans, accusing them of organizing several cryptocurrency fraud schemes for $44 million.

Source: Bits

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