Coral Protocol and White Rabbit Announce Partnership to Bring Greater Security + Transparency to ICO’s
Anti-phishing protocol Coral is excited to kick off its partnership with ICO discovery platform White Rabbit.
In the blockchain space, there is an overwhelming amount of ICO fraud and phishing scams. According to a recent study conducted by Satis Group LLC, up to 80% of ICOs are scams. In addition to the plethora of scam ICO’s, phishing scams steal nearly $9 million in cryptocurrency every day.
A common way for fraudsters to pull off phishing scams is to send barrages of misleading messages to the social channels of ICO projects, especially Telegram communities, because of Telegram’s open door policy. These phishing messages and fraudulent ICO’s aim to trick crypto holders into sending money to fake projects or fake wallets.
Coral Protocol and White Rabbit are teaming up to stop this epidemic through trust scores and anti-phishing bots.
Coral is a security protocol that integrates into blockchain platforms to combat phishing fraud and increase AML compliance. Coral builds tools to protect companies and communities from scammers.
White Rabbit is an ICO discovery platform that helps discerning investors choose between ICO projects to invest in. They have a detailed directory of nearly 3000 active and upcoming ICOs. Each ICO has a dedicated page with critical facts and summaries.
And with this new partnership, White Rabbit will be adding on a special new piece of information to an ICO’s profile- a wallet-level trust score. These trust scores will be established by Coral Protocol’s proprietary algorithm that uses predictive analytics and machine learning to analyze the wallet address of the ICO to determine, with relative certainty, whether or not the project is a scam.
On top of the ICO trust score, Coral has developed a free Telegram bot called the PhishNet that plugs into the telegram channels of ICO projects to catch and alert their communities about incoming phishing attempts. An ICO that has established custody of their wallet address with Coral, as well as integrated Coral’s PhishNet bot into their social channels should receive a high trust score on their White Rabbit page.
The PhishNet bot can be easily downloaded from the Telegram bot store here: https://storebot.me/bot/phishnetbot
Coral and White Rabbit coming together represents the future of blockchain we all want to see: bonafide projects partnering up to build trust within the cryptosphere. Coral and White Rabbit’s partnership will help build confidence in legitimate new projects, and weed out bad actors, aiding in the mass adoption of blockchain.