Based on reports from a crypto forensic firm Cipher Trace, crypto fraud has summed up to $136 billion from January to May 2020.
Binance, one of the leading crypto exchange platform has collaborated with Oasis lab, a privacy-firm cloud computing platform on blockchain technology to tackle scam in the crypto space.
On the 27th of August, Oasis was declared the pivoting member of the intelligence scheme as they will be providing the basic resources and infrastructure for the platform.
This decentralized crypto-safe platform designed to share threat intelligence data amongst crypto exchange would be set up using confidential smart contracts created by Oasis Labs.
The company stated that the platform is important to allow mutual detection of fraud while making sure data of involved exchanges are kept private. The platform would offer real-time fraud analysis to tackle crypto attacks.
Changpeng Zhao, the CEO of Binance, has persistently persuaded representatives from other crypto firms to join the movement. He says joint effort among involved parties would help achieve a more secured crypto ecosystem.
The platform would allow the cross-exchange of intelligence and data regarding major cryptocurrency transactions, while other networks would be integrated before the year runs out.
Source: Cointelegraph
