DeFi and Credit Risk

Crypto's Final Chapter

BitGo Secures $100M in Funding Following Cancellation of Prime Trust Agreement: Bloomberg

Binance.US, Circle, Solana Foundation, The Aave Firms, Hedera, TRM Labs, and Civic, seven leading crypto companies, have teamed up to build a community-driven scam reporting service. The application, dubbed Chainabuse, intends to allow crypto users to provide real-time warnings and debate ongoing fraudulent conduct such as frauds and hacks.

The Chainabuse platform, which was launched on Wednesday, aims to combat the crypto ecosystem's recurring scams. On May 4, Cointelegraph issued an alert to the community concerning an increase in phishing scams with Ape-themed airdrops.

Chainabuse is a one-stop shop for crypto users, victims of financial crimes, and crypto businesses to report, discuss, and issue warnings in order to limit the scam's efficacy.

TRM Labs stated in the statement that crypto firms frequently post alerts on social media channels like Twitter and Discord, which can be difficult to notice or track. Companies and crypto investors, on the other hand, can use Chainabuse's public forums to contribute further information about a suspected criminal conduct by upvoting, downvoting, and leaving comments.

The free-to-use tool also keeps a record of illegal activity, which crypto users can check before investing in projects in the future. Joe McGill, the principal architect of Chainabuse and a former U.S. Secret Service and Postal Investigator, emphasized the numerous times when crypto communities joined together "to weed out rogue actors and help protect each other," adding:

"Chainabuse was created to make it simpler for more people to participate in that culture's advancement."

Furthermore, all seven representatives of crypto companies emphasized the significance of protecting the interests and people of the crypto community, stating that the fear of rug pulls and being hacked stymies the overall adoption of cryptocurrency.

Scammers were recently discovered using billboards to sell false Binance-branded investment possibilities, so the Turkish arm of crypto exchange Binance went on the offensive.

The latest alert from Binance Turkey shows a billboard advertising "Binance Tourist Exchange," which is unrelated to the actual Binance, which was founded by Changpeng "CZ" Zhao. Binance opened its first 24/7 customer care center in Turkey on April 15 as it seeks to extend the service globally.

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