Swyftx Collaborates with TRM Labs to Combat Crypto Fraud
Australian cryptocurrency exchange Swyftx has partnered with blockchain forensic firm TRM Labs to crack down on crypto fraud, following a significant loss of nearly $146 million in cryptocurrency reported by the government. In an effort to prevent fraudsters from targeting the Australian market, Swyftx and TRM Labs have introduced a pilot project.
Rewarding Users for Enhanced Security Measures
As part of the collaboration, Swyftx will offer a reward of AUD $10 (~$6.6) in Bitcoin to 2,000 customers who activate two-factor authentication on their accounts and complete a course developed in collaboration with TRM Labs.
A Proactive Approach to Combat Scams
Swyft COO Jason Titman highlights the importance of taking proactive measures to combat scams, stating that most fraudulent activities begin on social media platforms before infiltrating the banking system and eventually reaching exchanges.
Addressing Recent Hacks
The collaboration comes after an Australian exchange fell victim to a $2 million hack. The stolen funds were converted into Wrapped Bitcoin (WBTC) and stablecoins through various decentralized platforms. This move aims to prevent similar incidents and safeguard the Australian crypto market.
Increasing Crypto Fraud Concerns
The Australian Competition & Consumer Commission revealed a significant increase in losses due to cryptocurrency-related fraud. Con artists have been exploiting exchanges and trading venues, leading to billions of dollars in stolen funds. This collaboration between Swyftx and TRM Labs aims to mitigate such risks and protect users from falling victim to scams.
Hot Take: Strengthening Security Measures in the Crypto Industry
Australian cryptocurrency exchange Swyftx’s partnership with TRM Labs signifies a proactive approach to combating crypto fraud. By incentivizing users to enhance their security measures, such as enabling two-factor authentication, the exchange aims to create a safer environment for traders. This collaboration is a step towards addressing the growing concerns of crypto-related scams and protecting the Australian market. With the increasing adoption of cryptocurrencies, it becomes crucial for exchanges and users alike to prioritize security and stay vigilant against potential threats.
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