After months of rigorous beta testing and continuous development, cryptocurrency risk rating platform Xerberus has released Siren, a free tool to fend off cryptocurrency scams.
Siren puts control back in the hands of regular cryptocurrency users by allowing regular users to map and then report scams they see when exchanging coins on a network. It’s backed by a group of lawyers who can sue to get their money back for a fee.
Any cryptocurrency user can use Siren to report a transaction if they have been scammed. Following the scam, it generates a free comprehensive on-chain report detailing the exact location of the coin or token.
This report can be distributed to the growing number of specialist London law firms with extensive knowledge of Blockchain technology, so that the legal process for collection can proceed.
Siren essentially provides the first one-stop shop for recovering tokens and funds that have been stolen through fraud.
With the help of Xerberus’ Wallet Graph technology, Siren creates an algorithmic map of wallet transactions. It graphs the transfer of assets across all affected wallets on the chain and shows “spectator” wallets in addition to those that are not affected, to provide a comprehensive assessment of the severity of the fraud.
Correlations are included between plans to make the business safer, better understand the behavior of fraudsters, and detect potential scams before anything is stolen.
Additionally, if the case goes to court, all funds seized from the scam will be distributed to the connected parties, the recovered assets will be deducted from the recovery cost, 5% will be sent to the connected wallets in the coin network, and the rest of the funds will be returned to the scammed user.
Siren promotes equality for all stakeholders and works to eliminate scammers by making it easier for cryptocurrency users to report stolen assets and spread information about it.
Xerberus facilitates justice and returns power to victims by opening the legal process to all investors, not just wealthy ones.
Simon Peters, CEO and co-founder of Xerberus, said: “The entire team at Xerberus is proud of Siren and what it means for the future of crypto. As we expand Siren to new networks, it will become a vital tool to protect crypto users across all major networks from fraud. 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 eliminate bad crypto and put an end to malicious industry practitioners. That’s why this tool is free. We look forward to working with our users as we continue to bring industry fraudsters to justice and make crypto trustworthy.”
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The article, “Xerberus introduces crypto recovery and litigation tool Siren” was originally created and published by Private Banker International, a brand owned by GlobalData.
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