Binance announced the CryptoSafe Alliance to be used to combat theft, hacking and fraud in the crypto space.
Cryptocurrency exchange Binance has set up a new entity called CryptoSafe Alliance together with Oasis Labs to “strengthen the security of crypto money for everyone by fighting scammers and other bad actors” in the crypto space.
A platform called CryptoSafe was also created within the CSA under the leadership of Binance. This platform is a decentralized case report and response system. Intelligence will be shared with CSA members on malicious incidents in order to combat crypto money fraud, theft and money laundering through the system. At the same time, suspicious transactions and wallet addresses will be monitored with historical browsing and real-time data collection algorithms.
Changpeng Zhao, CEO of Binance, emphasized that collective efforts and establishing close connections between members will be beneficial in ensuring the security of the cryptocurrency community and the integrity of the ecosystem. “We are calling on more members from within the industry to join the union,” Zhao said. said.
Bitcoin, Ethereum, Tron and EOS supported
It was stated that the platform currently supports Bitcoin, Ethereum, Tron and EOS blockchains, with more blockchain protocols and networks to be added later in the year.
According to a report by CipherTrace, a cryptocurrency intelligence and blockchain security firm, the balance sheet of cryptocurrency thefts, hacking incidents and scams reached $ 1 billion 360 million in just the first five months of 2020.