{"id":65777,"date":"2023-11-28T17:48:15","date_gmt":"2023-11-28T21:48:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65777"},"modified":"2023-11-28T17:49:17","modified_gmt":"2023-11-28T21:49:17","slug":"trm-labs-partners-with-swyftx-to-combat-scams","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/trm-labs-partners-with-swyftx-to-combat-scams\/","title":{"rendered":"TRM Labs Partners with Swyftx to Combat Scams"},"content":{"rendered":"\n

Australian cryptocurrency exchange Swyftx<\/a> called on TRM Labs to crack down on scammers as losses from cryptocurrency keep rising.<\/p>\n\n\n\n

\"TRM
TRM Labs Partners with Swyftx to Combat Scams<\/figcaption><\/figure>\n\n\n\n

In an effort to combat cryptocurrency fraud, Australian cryptocurrency exchange Swyftx has partnered with blockchain forensic company TRM Labs<\/a>. This comes after fresh government data revealed a roughly $146 million cryptocurrency loss.<\/p>\n\n\n\n

In a blog post published on November 27, 2023, the firms stated that they were launching a test project in which 2,000 users who enable two-factor authentication on their Swyftx accounts and successfully finish a course developed in conjunction with TRM Labs will get AUD $10 (~$6.6) in Bitcoin.<\/p>\n\n\n\n

According to Jason Titman, COO of Swyft, the exchange has already thwarted cryptocurrency scams worth about $2 million, saying that:Regarding cryptocurrency frauds, the wave almost usually begins well offshore. <\/p>\n\n\n\n

The majority of fraud starts on social media sites before moving on to exchanges and the banking system. After a local exchange reportedly had a $2 million hack, the action is anticipated to aid in keeping fraudsters out of the Australian market<\/a>. <\/p>\n\n\n\n

According to a report, an unidentified person, in two transactions in November 2023 removed 1,282 Ethereum (ETH) from the CoinSpot cryptocurrency market.<\/p>\n\n\n\n

Through the use of the WBTC smart contract and the cross-chain bridge THORChain, the stolen assets were later swapped into Wrapped Bitcoin (WBTC) and stablecoins like USD Coin (USDC) and Tether (USDT) through the decentralized exchange Uniswap.<\/p>\n\n\n\n

The Australian Competition & Consumer Commission \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>disclosed in April 2023 that scammers have been using cryptocurrency operators such as exchanges and trading venues to launder billions of dollars in stolen cash. This represents an 80% rise in total losses since 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian cryptocurrency exchange Swyftx called on TRM Labs to crack down on scammers as losses from cryptocurrency keep rising. In an effort to combat cryptocurrency fraud, Australian cryptocurrency exchange Swyftx has partnered with blockchain forensic company TRM Labs. This comes after fresh government data revealed a roughly $146 million cryptocurrency loss. In a blog post […]<\/p>\n","protected":false},"author":43,"featured_media":65780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12490,11135,15044],"class_list":["post-65777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-scams-2","tag-swyftx","tag-trm-labs-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/croc_1701204464767.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65777"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65780"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}