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

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

Seven major cryptocurrency companies — Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic — have teamed up to launch a community-driven scam reporting tool. The tool, called Chainabuse, is designed to enable crypto users to issue warnings and discuss ongoing fraudulent activities, such as scams and hacks, in real-time.

The Chainabuse platform launched Wednesday in response to an ongoing scam plaguing the crypto ecosystem. On May 4, Cointelegraph warned the community about an increase in Ape-themed airdrop phishing scams.

Chainabuse is a one-stop platform for crypto users, victims of financial crime, and crypto businesses to actively report, discuss, and issue warnings, ultimately reducing the effectiveness of scams.

In the announcement, TRM Labs highlighted that crypto companies often issue warnings on social media platforms such as Twitter and Discord, which are easy to ignore and difficult to track. However, companies and crypto investors can use Chainabuse’s public forum to support, oppose, and comment to provide more information about reported illegal activity.


The free-to-use platform also maintains a database of illicit activity that, in the future, crypto users can use to investigate projects before investing. Joe McGill, Chainabuse’s chief architect and former U.S. Secret Service and Postal Investigator, called attention to the numerous instances in which the crypto community came together to “root bad actors and help protect each other,” adding:

“Chainabuse aims to make it easier for more people to take an active role in advancing this culture.”

Additionally, all representatives of the seven cryptocurrency companies emphasized the importance of protecting the interests and people of the cryptocurrency community—noting that the fear of rug pulling and being hacked hinders overall cryptocurrency adoption.

Related: Binance takes legal action against fake billboards in Turkey

The Turkish arm of cryptocurrency exchange Binance recently took an offensive stance against scammers who were caught using billboards to promote investment opportunities under the fake Binance brand.

In the latest warning issued by Binance Turkey, the billboard featured an ad for “Binance Travel Exchange,” which had nothing to do with the original Binance, founded by Changpeng Zhao “CZ” Changpeng Zhao. On April 15, Binance launched its first 24/7 customer service center in Turkey as it prepares to expand its services globally.

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