Crypto industry giants like Binance and Circle have come together to bring the platform to life chain abuse† Its purpose is to collect complaints about various scams, improving the security of all users in a decentralized way.
Besides collecting addresses of possible scams on the Ethereum and Bitcoin network, two with the highest number of complaints, it is also possible to find others such as Binance Smart Chain, Solana, Polygon, Hedera and Tron.
Another feature is a ranking of contributors. While there is no monetary reward, this exposure can be a good incentive for users to continue reporting on the platform.
Chainabuse points out the most common scams
If cryptocurrencies have opened up to different usage scenarios, the same seems to have happened with scams. In total, Chainabuse already has 18 varieties, including Ponzi schemes, sexual extortions, carpet pullers and others. The five most common are as follows:
- contract exploitation
- Scams with donations to Ukraine
- phishing
- ransomware
- clap airdrop
As for the blockchains most commonly used by scammers, Ethereum is dominant. There are over 270 complaints, followed by 193 Bitcoin related scams and 96 about Binance Smart Chain.
“A fake website is claiming a Patreon membership. The website claims it is raising bitcoin, USDC or ethereum to buy medical supplies, ammunition and food for those suffering in Ukraine. indicates a complaint.
In addition to providing the addresses, such as BTC and ETH in this case, users are also required to provide evidence to back up their allegations. From this, the community itself manages to filter out real cases of fake attacks.
Prevention is better than cure
By all indications, the Chainabuse website seems to serve more as a prevention than a cure. After all, after the money ends up in the hands of criminals, it’s hard to believe that it can be recovered.
In any case, collecting multiple cases on one platform can save time and money. In addition, the UK itself already has a tool similar to Chainabuse’s. That is, the growing number of scams is a common concern.
Anyway, when it comes to cryptocurrencies, that maxim applies: everything is a scam until proven otherwise† So keep your bitcoins in your own wallet, preferably in a safe environment and don’t trust anyone.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
