Seven top-tier entities in the crypto sphere have reportedly partnered up to roll out a community-driven scam reporting solution. 

Specifically, the solution – going by the name “Chainabuse” – is reportedly a product of a team-up from Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic, which looks to allow crypto users to issue warnings and talk about an existing fraudulent activity like scams and hacks in a real-time manner. 

Introduced on May 18th, the Chainabuse platform reportedly has a primary goal of combat against the current scams victimizing the crypto ecosystem. 

Chainabuse reportedly functions as a one-stop-shop platform catering to crypto users, victims of financial crimes, and crypto entities, to actively report, discuss and issue warnings, with the ultimate target of bringing down the effectiveness of the scam.

Per the announcement, TRM Labs reportedly emphasized that crypto firms normally select social media platforms, nominally Twitter or Discord, as gateways for giving out warnings, which can be missed and are hard to keep track of. 

Nonetheless, firms and crypto investors can use Chainabuse’s public forums to upvote, downvote, and leave comments to offer extra data regarding a reported illicit activity.

The free-to-use platform also maintains a database of illicit activities that, in the future, can be taken advantage of by crypto users to run investigations on the initiatives prior to investing in them. 

Joe McGill, Chainabuse’s chief architect and former U.S. Secret Service and Postal Investigator, reportedly urged attention to the many incidents when crypto communities unite “to root out bad actors and help protect each other”. 

“Chainabuse was designed to make it easier for more people to play an active role in advancing that culture.”