As we have repeatedly noted and pointed out, the crypto sector has been the subject of great criticism since its inception, mainly because of the large percentage of frauds. It is also one of the main reasons why a large percentage of people still stay out of the crypt of the world, as many fear losing their funds. Many may think that this is an exaggerated problem, but the opposite is true, and with stolen digital assets, we have experienced many new ways in which fraudsters want to make money. However, crypto giants who have decided to join forces against fraudsters also want to fight this big problem.
Namely, Circle, Solana Foundation, The Aave Companies, Hedera, Binance.US, and Civic, which officially announced the launch of Chainabuse. The aim of this instrument is to combat financial crime by creating a network accessible to everyone, which will make it possible to report fraudulent projects. Not only will this help investigate cybercrime, but it will also provide new potential victims with information about untrustworthy companies and can thus prevent the investor from being robbed. The platform is free to use and provides a database of so-called „company verification“ for new users. The idea is great and we believe it will be beneficial as well.