After months of rigorous beta testing and continuous development, industry-leading cryptocurrency risk assessment protocol Xerberus has launched its free crypto fraud recovery tool, Siren.
Siren puts the power back in the hands of everyday crypto users by allowing them to map and report scams they encounter while trading coins on a network. It’s then backed by a network of lawyers who can file lawsuits to recover funds for a fee. Siren allows all crypto users to report a transaction if they’ve been scammed. It then generates a free, full on-chain report highlighting exactly where the coin or token went after the scam.
This report can then be shared with a growing network of specialist London law firms with a deep understanding of Blockchain technology, who can then initiate legal proceedings for recovery. Essentially, Siren offers the first one-stop shop for recovering fraudulent coins and tokens.
Siren algorithmically generates a map of wallet transactions using Xerberus’ Wallet Graph technology. It maps asset movements between all relevant wallets on the chain, highlighting ‘bystander’ wallets as well as those that are not affected to provide a holistic overview of the severity of the fraud. The correlations identified between frauds are used to better understand fraudsters’ behavior, make the industry safer, and identify potential frauds before anything is stolen.
If the case goes to court, all funds recovered from the scam will be distributed to the relevant parties and the recovery cost will be taken from the recovered funds, an excess of 5% will be distributed to the relevant wallets in the coin network and the rest of the funds will be returned to the scammed user.
Siren provides equity to all parties and aims to eliminate scammers by making it easier for crypto users to report stolen funds and raise awareness. Xerberus democratizes justice and puts power back in the hands of victims by making the litigation process inclusive of all investors, not just high-net-worth individuals.
Simon Peters, CEO and co-founder of Xerberus, said: “The entire team at Xerberus is very 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 in protecting crypto users from fraud across all major networks. 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 keep crypto safe.”
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The news, titled “Xerberus launches Siren that lets crypto users report, map and recover from scams,” was originally created and published by International Accounting Bulletin, a brand owned by GlobalData.
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