Crypto fraud is an ongoing problem; as quickly as platforms and providers adjust to counter nefarious activity in digital assets, bad actors seem to update their game. Some crypto frauds are legendary in the size of the theft. Xerberus is looking to mitigate crypto fraud with a new service called “Siren,” which aims to support users in reporting scams while aiding in recovery.
Siren is said to allow all crypto users to report a scammed transfer. It then generates an on-chain report highlighting where the coin or token went after the scam.
The report can then be shared with a network of London law firms with an understanding of Blockchain technology to pursue recovery.
If a case goes to court, all recovered funds from the scam are distributed across the affiliated parties, with the cost of recovery taken from the recovered funds.
A 5% amount is distributed to affiliated wallets on the coin network, and the rest of the funds are returned to the scammed user.
Xerberus CEO and co-founder Simon Peters said they are proud of Siren and what it means for crypto going forward predicting it will become a vital tool
“Our vision has always been to make crypto more trustworthy through governance and transparency. By doing this and making the cost of bad actions incredibly high, we want to stamp out bad crypto and put an end to malicious industry practitioners. This is why this tool is free. We look forward to working with our users as we continue to bring industry crooks to justice and make crypto trustworthy.”