Combined Forces are to Fight Against Cryptocurrency Frauds

1 min reading

Growing cryptographic crime has led organizations to join forces in order to counter fraudsters together. Do they have a chance to win against hackers? 

United fighting with hackers

Whale Alert a service that tracks large cryptocurrency transactions, announced on September 3 that it would start working with BitcoinAbuse, a public database of Bitcoin addresses. Cooperation is aimed at improving the fight against cryptocurrency-related crimes

The cryptocurrency fraudsters community is constantly increasing and growing in strength; we still remember the attack on Binance which took place in May this year, after which the exchange has lost over $40 million.  Verizon's report published in the same month also points to an increase in state-sponsored hacking.

Improved fraud tracking

It is also worth adding that Whale Alert is working on the second version of its platform, which is to be available in the fourth quarter of this year. The upgraded version is intended to improve cryptocurrency fraud and intrusion tracking. 

Yesterday (September 3), Whale Alert noted the transfer of 500 million XRP from the Ripple deposit to another wallet also belonging to the company. The transfer met with indignation from the cryptographic community which accuses the Ripple startup of collapsing in the price of the token. The XRP price has dropped slightly over the last hour, although the value of the token has been steadily decreasing over the past few months. 

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