Seven major crypto companies — Binance.US, Circle, Foundation, The Aave Companies, Hedera, TRM Labs and Civic — joined hands to launch a community-driven scam reporting tool. Chainabuse was created to allow crypto users to report scams, warn others and share information in real time.

Chainabuse was created on Wednesday and aims to stop the scams that continue to plague the crypto ecosystem. Cointelegraph warned about scams in the cryptocurrency ecosystem on May 4th. The rise of phishing schemes involving airdrops with Ape themes.