Crypto scams and hacks have taken billions of dollars from users, how can you report and fight them?
Cryptocurrency and blockchain are slowly conquering the world and gaining more and more recognition among the traditional financial institutions as well as regular folks. Even some major retail stores have adopted crypto as a payment method. All of that can make you think that the complete acceptance of crypto in culture isn’t that far away.
However, there are elements that cast shadows on the market and its overall security, and that is scams, hacks and other fraud. All sorts of them: scam projects, tokens, exchanges, and ordinary scammers fooling people into sending them money using methods like phishing.
Some scammers LOVE blockchain for some of the same reasons we all do. However, their most beloved technology can easily become their worst nightmare.
Meet the AMLT Token Network by Coinfirm
Created by Coinfirm, a global leader in blockchain analytics and compliance (read their recent news around XRP here), the AMLT Token Network is the first solution and token of its kind. It is a global system that enables market participants to submit data to not only help protect themselves, and in so doing, protect the rest of the economy; but also mark the wallets of scammers so that they have a hard time using the funds. Members of the AMLT Network can then earn AMLT tokens for providing valid data, making it an even more powerful and incentivized system.
Did somebody try to scam you or have you witnessed one online? Report that wallet and if your evidence is deemed valid the wallet will carry the appropriate risk indicators. Coinfirm users and the Network will see it and thus it will make future frauds less and less possible. Giving crypto users a voice and a reward to help fight scams and fraud is the best method to make the crypto world a safer place.
Start reporting addresses into AMLT network here and if you become a Network Member you can earn AMLT tokens for valid data submitted. You can also submit data on your addresses or trusted partners and “recommend” them and get rewarded for it too as the Network allows you to highlight high-risk wallets as well as trusted ones, highlighting the good players in the space.