According to an announcement, a famous website for reporting cryptocurrency scams, Bitcoinabuse.com, has been acquired by TRM Labs.
The acquisition will improve Chainabuse, which TRM Labs powers and is the most popular website for reporting harmful crypto activities. A community-driven website called Chainabuse enables anybody to report and investigate cryptocurrency frauds like phishing, ransomware, blackmail, and fraud.
The site has approximately 500,000 fraud reports from the Web3 community since its introduction in 2022 and offers free and immediate counseling to victims who opt-in. The software also assists law enforcement authorities in accelerating the seizure of assets, links numerous reports of the same fraud, and increases the likelihood of recovering stolen money.
Through the acquisition of Bitcoinabuse.com, Chainabuse will combine all previously reported scam data into a single platform, facilitating user access to and sharing of data on nefarious crypto activities.
Alan Reed, a software engineer and cryptocurrency enthusiast, founded Bitcoinabuse.com in 2018 to build a public database of Bitcoin addresses used by fraudsters. The platform is one of the most reliable sources for reporting and monitoring cryptocurrency fraud.
Leading companies, partners, and charities also support Chainabuse because they want to make cryptocurrencies safer for the next billion users. 17 new technological partners, including 1inch, Ledger, Avascan, and Edge Wallet, have joined the platform.
TRM Labs offers blockchain intelligence tools to assist financial institutions, cryptocurrency firms, and government agencies in identifying, looking into, and minimizing financial fraud and crime. The risk management platform from TRM features entity risk scoring, transaction tracking, wallet screening, and Bitcoin anti-money laundering solutions.
