Blockchain intelligence firm TRM Labs has unveiled a community-based scam reporting platform.
Crypto users are able to report illicit activity to the platform's public forum. Others then upvote, downvote or comment additional information. Information regarding the same addresses or entities is consolidated in a searchable database that allows users to check addresses or projects. The hope is that users can better vet projects before engaging with them.
Crypto money laundering grew from $6.6 billion to $8.6 billion between 2020 and 2021, with the biggest source of illicit funding coming from scams aimed at collecting crypto.
TRM worked with Circle, Solana Foundation, The Aave Companies, Hedera, Binance.US and Civic to develop the platform. It supports seven blockchains: Ethereum, Bitcoin, Solana, Polygon, Hedera, Binance Smart Chain and Tron.
In addition to enabling individuals to be proactive about investigating potential projects, it also allows crypto firms to track the activity on the blockchains they build on or develop.
Though it launches publicly today, reports are already active. As of publication time, Ethereum leads with the most reports, clocking in at 249. TRM Labs said in its announcement that the platform has already tracked more than 100 scam reports related to Ukraine crypto fundraising campaigns among other reports.