Netherlands-based Crystal Blockchain and Global Anti-Scam Alliance have launched ‘Crypto Trust Seal’ to fight fraud and bring trust to Web3. The Crypto Trust Seal (CTS) will create a framework for transparency in an otherwise opaque industry.

By providing a degree of assurance, with high standards that must be externally verified, certified companies can demonstrate compliance with a set of responsible practices intended to become industry requirements. Officials from Global Anti-Scam Alliance said that as with any technology, blockchain can bring many benefits. However, it is increasingly being misused by criminals preying off the vulnerable.

Launching a global trust seal for cryptocurrency providers will raise the bar in a sector plagued by scammers. Crystal conducts all its worldwide blockchain investigations with integrity, while employing cutting-edge technology. Fostering trust in crypto with new industry standards The CTS seeks to provide valuable information for those navigating the blockchain space.

This includes providing criteria for external validation of coin issuers, lenders, decentralised finance (DeFi) protocols, exchanges, marketplaces, and even virtual worlds. By bringing trust to the crypto industry, both retail customers and institutional mainstays will benefit. Representatives from Crystal Blockchain said that it is time to distinguish responsible actors, from irresponsible and fraudulent ones.

Crystal’s work with the Global Anti-Scam Alliance, and the creation of the CTS seal, will allow digital currencies to mature into a regulated industry with recognized rules and operating procedures. Navigating the waves of scams and fraudulent activities The cryptocurrency industry has been plagued by numerous incidents of scams, hacks, fraud, deceit, misrepresentation, and illicit activities. The US Federal Trade Commission reports nearly USD 2 billion lost in investment scams in the USA alone in the first half of 2023; this amount is just the tip of the iceberg, as only an estimated 7% of victims report scams to the police.

These issues have made it challenging for users to identify safe platforms for their cryptocurrency transactions. Notable cases involving Mt. Gox, Celsius, 3AC, Voyager, FTX, and others have created a negative perception among the general public, discouraging them from exploring the crypto industry.

Every day, new scams and fraudulent schemes emerge, preying on unsuspecting consumers and resulting in substantial financial losses. What does Crystal Blockchain do? Crystal provides blockchain analytics and risk management solutions to support blockchain investigations, compliance, and intelligence. With advanced blockchain monitoring and investigative technology, Crystal can power investigations and enhance blockchain analytics.

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