Coinbase, Kraken, Others Form Coalition To Address Online Scams

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Prominent crypto exchanges including Coinbase and Kraken have joined hands to prevent online frauds and scams. The ‘Tech Against Scams’ coalition will serve as a convening body through which its members will collaborate and take action against the scammer’s methods. The coalition stated that this would include sharing best practices, threat intelligence, and other tips to keep users protected before they fall prey to online scams such as romance scams or ‘pig butchering’, which involves contacting victims through dating apps or social media and gaining their trust before pitching an opportunity to make money using crypto. Ripple, Gemini, Meta, and Match Group are also the prominent crypto companies in the Coalition.