Whale Alert is teaming up with BitcoinAbuse to keep better vigil on crimes related to cryptocurrency. Both have been on more or less the same mission for a while now- Whale Alert is a service that tracks large crypto transactions and the latter is a database, responsible for keeping public registry of BTC addresses that are suspected/ proven as used by criminals/hackers for illicit acts.
The latest official statement was from BitcoinAbuse on Twitter and it said
‘We will now report transactions made to scammers and keep track of their assets. You can help make crypto safer by reporting scams, black markets and hacks on the website BitcoinAbuse.com.’ BitcoinAbuse and Whale Alert plan to create a log of addresses linked to reported scams and black markets.
Whale Alert also tweeted
“We have teamed up with #BitcoinAbuse to better fight crypto crime! We will now report transactions made to scammers and keep track of their assets. You can help make crypto safer by reporting scams, black markets and hacks on the website below!”
Crimes associated with cryptocurrency can be extremely baffling, and are way trickier than cybercrimes, but both these entities have made their mark when it comes to reporting dubious transactions. The collaboration of these two services could prove to be a powerful weapon in the law enforcement’s arsenal.
The cryptosphere currently has no or little regulation, and is plagued with scammers. This combined service could fill this void efficiently. The need for such a body has been felt and spoke of in the crypto circles often but nothing ever was executed. The reason could be that exchanges do not take the burden of reporting a breach or cooperating in a beach related investigation unless the amount involved is really substantial, and hackers generally go for small amounts.
Owing to such instances, the crypto industry is always perceived as lawless and high risk, which might change soon, with this joint venture.