Seven major crypto companies — Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic — joined hands to launch a community-driven scam reporting tool. Named Chainabuse, the tool aims to enable crypto users to issue warnings and discuss ongoing fraudulent activity such as scams and hacks in real-time.
Launched on Wednesday, the Chainabuse platform aims to counter the ongoing scams plaguing the crypto ecosystem. On May 4, Cointelegraph warned the community about the rise in Ape-themed airdrop phishing scams.
Chainabuse serves as a one-stop-shop platform for crypto users, victims of financial crimes and crypto businesses to actively report, discuss and issue warnings and ultimately reduce the effectiveness of the scam.
In the announcement, TRM Labs highlighted that crypto companies often issue warnings on social media platforms such as Twitter and Discord that are easily missed and difficult to keep track of. However, companies and crypto investors can use Chainabuse’s public forums to upvote, downvote and leave comments to provide additional information about a reported illicit activity.
The free-to-use platform also maintains a database of illicit activities that, in the future, can be used by crypto users to investigate projects before making an investment. Joe McGill, Chainabuse’s chief architect and former U.S. Secret Service and Postal Investigator, called attention to the numerous instances when crypto communities came together “to root out bad actors and help protect each other,” adding:
“Chainabuse was designed to make it…