Bitcoin Scam Reports Rise 100% on Chainabuse and Scamwatch

Reporting Bitcoin scams is a crucial step in protecting oneself and others from falling victim to fraudulent activities. Two prominent platforms, Chainabuse and Scamwatch, offer different but valuable ways to report and combat crypto scams. Chainabuse is a global reporting platform that allows anyone to publicly share information about malicious crypto activity, helping to make crypto fraud more transparent. Reports on Chainabuse are public, alerting top crypto organizations in real time and aiding in the exposure of larger scams. The platform also provides general guidance on staying safe and reporting incidents to law enforcement.

Scamwatch, operated by the Australian Competition and Consumer Commission (ACCC), collects scam reports to share warnings and help disrupt fraud. While Scamwatch does not investigate individual reports, it contributes to broader scam monitoring and prevention efforts. The platform's website, social media accounts, and tools like the Little Book of Scams provide helpful guidance on identifying, avoiding, and recovering from scams. Scamwatch collaborates with companies, governmental organizations, and the general public to protect individuals from fraud both online and offline.

To report a Bitcoin scam on Chainabuse, users should visit the platform's website and click “Report Your Case.” They are then prompted to choose a scam category and describe the incident in detail, including technical data such as the scammer’s blockchain address, URLs, transaction hashes, and any other relevant information. Users can choose to post their report publicly or submit it privately, with the assurance that their personal details remain confidential. Chainabuse encourages users to include as much context as possible to help investigators and other users spot patterns.

For those in Australia or dealing with scams involving Australian entities, Scamwatch provides a reporting form that prompts users to provide details about the type of scam, how they were contacted, a description of the event, and any contact details or addresses used by the scammer. Users can also attach screenshots or documentation to support their claim. While Scamwatch does not investigate individual reports, the information contributes to broader scam monitoring and prevention efforts.

After reporting a scam, Chainabuse makes the report searchable and publicly accessible, helping others identify shady wallet addresses or fake websites. Crypto exchanges, compliance teams, and cryptocurrency companies can use this information to detect or freeze assets linked to fraudulent conduct. Scamwatch adds the report to a nationwide database monitored by the ACCC, using the information to inform the public and assist government initiatives in finding major scammers. While reporting fraud does not guarantee the return of stolen funds, it significantly reduces the likelihood of future scams by raising awareness and supporting broader efforts to combat crypto-related fraud.

In addition to Chainabuse and Scamwatch, other resources for reporting cryptocurrency fraud include the Internet Crime Complaint Center (IC3) and the US Federal Trade Commission (FTC) in the United States, and Action Fraud in the UK. Reporting scams to multiple platforms can boost visibility and improve the chances that authorities or relevant organizations will take action. Some scammers recycle the same wallet addresses across dozens of schemes, making public reports on platforms like Chainabuse particularly powerful in uncovering larger fraud networks.

To avoid Bitcoin scams in the future, it is essential to stay vigilant and follow best practices. Users should never trust guaranteed returns, as no one can promise profits in crypto. Always double-check wallet addresses before sending Bitcoin, and beware of impersonators who may pretend to be from customer support, influencers, or crypto companies. Avoid clicking suspicious links and use public tools to search for suspicious activity before interacting with a wallet or project. Even with these precautions, it is important to acknowledge that scams can happen to anyone, and reporting them can help protect others from falling into the same trap.