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Crypto scams: Binance, Solana and OpenSea want to protect investors

 


Binance, OpenSea and Solana are among the well-known companies supporting the new project Chainabuse. The company allows users to protect themselves from crypto scams.


Have you ever fallen for a scam? Or has your crypto already been stolen by a hack? Chainabuse offers a way to warn users of such occurrences. Even Binance , Solana and OpenSea are among the supporters.


According to the Chainalysis Report, almost 7.7 billion US dollars were stolen from users through scams and rug pulls in 2021. Rug pulls are backdoors in the smart contract that allow programmers to pay out all tokens on a blockchain. For yourself, of course. What is worrying is not the number itself, but the 81 percent increase compared to 2020.


In comparison, hacks are almost $2 billion more at $9.8. These scams pose the biggest challenge for the crypto user when it comes to investing.



What options do victims of a crypto scam have?

Unfortunately, victims of scams or hacks currently have to be brave: There is no real solution to the problem. Due to our own dismay, we contacted MetaMask after a hack and received the following reply. MetaMask is one of the most popular self-custody wallet providers. These are all those wallets where you hold the private keys yourself.


Crypto Response to Mail Scam Attempt

Summary: “We cannot reverse the transactions. If unauthorized transactions originated from their wallet, they have been hacked. The best thing would be if they stopped using the wallet, checked their computer and set up a new wallet.”


Victims of scams sometimes feel the same way. These are actually a dime a dozen. If you are in some Telegram or Discord groups, you probably know about the problem. Scammers often try their luck by luring users with exclusive ICO deals or bogus websites. As soon as users then enter their private key, the battle is already lost.


Clever minds from TRM Labs have found a solution for this.


Binance, Solana and Opensea support the project

TRM Labs, the company behind Chainabuse, aims to create a reporting tool for the community. Every single victim can report scams, hacks or other crimes that have happened to them on the platform - completely free of charge.


The platform operates on several chains and is to be fed with data from those affected in order to draw the attention of other users to fraudsters. The whole thing works in such a way that users can fill out a report after logging in free of charge. This is then published by Chainabuse and other users can comment or vote for or against (on the right in the picture):

However, before you send crypto to an unknown address, you can check the wallet for fraudulent activity directly on Chainabuse:

“With the evolution of the digital world towards mass adoption, there is a need to have a solution like Chainabuse. This encourages the crypto community to work with regulated exchanges and uncover scammers.”


Binance .US Chief Compliance Officer Tammy Weinrib sees Chainabuse as an important tool for the crypto community.


Binance, Solana and OpenSea are among the biggest supporters of Chainabuse. When asked if Binance or Solana would do anything about obvious scammers, the team declined to answer. It was said that one could not speak on behalf of the partners. We were advised to contact the FBI, Europol or other responsible authorities if we were to become the victim of a hack again.


In addition, victims have the opportunity to use the data collected in the reports to provide evidence to the responsible authorities. With a high interaction rate by users, authorities can thus also more easily determine whether it is actually a matter of scams or not. In addition, we are advised to check the wallet address before each transaction.


Now that you know which program will help you, nothing stands in the way of your successful crypto trading. Well, the EU could still ban self-custodial wallets - but that's another topic.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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