BitcoinAbuse Partners With Whale Alert Blockchain Trackers To Fight Crypto Crime


The crypto industry has been plagued with issues pertaining to the security of these assets and financial crimes that are committed using these digital assets. There are some industry players that have come together in a bid to fight against crypto crimes.

Two leading companies in the cryptocurrency sector, BitcoinAbuse and Whale Alert, have come together to fight crypto-related crime. Whale Alert is a company that is focused on keeping track of crypto transactions that involve large sums of currency. An announcement by the firm states that they are now in partnership with BitcoinAbuse to develop better systems that will be used to combat criminal enterprises using cryptocurrencies.

BitcoinAbuse runs a public database on which Bitcoin addresses that have been used by hackers and other criminals are displayed. This database is used by individuals seeking to protect themselves from fraudulent activity when they suspect that a Bitcoin address they are about to transact with belongs to criminals.

Whale Alert said that they will now publish reports about transactions made to scammers and keep a tab on the assets of these individuals. Crypto traders can assist by reporting any possible scammers and the Bitcoin addresses they use on the website BitcoinAbuse.com.

If the community comes together and makes an effort to expose fraudulent Bitcoin addresses, it will help the industry as a whole become safer for participants.

Spotting Dubious Transfers

Whale Alert is committed to spotting crypto transfers that look dodgy. The firm recently flagged a transfer of 500 million XRP, worth $130 million, from Ripple’s escrow account to another account that is owned by the crypto firm.

Many crypto companies are known to manipulate trade volumes through the performance of unnecessary back and forth trades, and this transfer between two of Ripple’s accounts may be one of those. Crypto traders have come out to lambast the company and say that they may be interfering with XRP’s price gains.

The company is also reportedly working on a better version of their platform. The second version of Whale Alert’s platform will have improvements on the tracking of hacks and fraudulent activity, activities which are the core business of Whale Alert. The platform is named Whale Alert v2 and the company says that it will be the world’s largest independent blockchain tracker.

Version 2 of Whale Alert will go live in the fourth quarter of 2019. The blockchain community will be provided with better analytics and more features that will bring better security to blockchains and cryptocurrencies.

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