As the threat of cryptocurrency scammers is rising rapidly, major crypto traders worldwide are reportedly discussing a blacklist of counterparties engage in vicious activities to prevent scam.

As Bloomberg reported on May 8, at a gathering in Chicago, traders from 35 digital assets firms huddle in a monochrome conference room and discuss a blacklist naming parties who engaged in dubious activities. Participants include trading firm DRW Holdings Inc.’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings, and tech startup Ripple, etc.

Also, an alternative suggestion was to establish an accreditation of crypto-related companies as approved by the association of crypto businesses known as the Crypto OTC Roundtable Asia (CORA).

“A community-wide effort to improve compliance standards would prevent liabilities that might stem from trading with bad actors or dealers that trade with bad actors,’’ claimed Darius Sit, Managing Partner at crypto trading firm QCP Capital in Singapore.

While crypto traders were gathering in Chicago, Binance, one of the world’s cryptocurrency exchange giants, has announced that it had been hacked  7,000 Bitcoins worth about $41 million.

The exchange has gone through “an unscheduled server maintenance” where they put on hold all deposits and withdrawals to review its security system for up to one week, reported by The Crypto Sight on May 8.