Crypto giants co-launch Chainabuse platform to water down rising scams

Chainabuse allows crypto users, victims of financial crimes and crypto businesses to report, discuss and actively issue warnings to reduce the effectiveness of scams.

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.

Moreover, all the representatives of the seven crypto companies stressed the importance of safeguarding the interests and people of the crypto community — pointing out that fear of rug pulls and being hacked hampers the overall adoption of cryptocurrencies.