In the crypto industry, scams are common and cause a lot of victims. Malicious actors work much harder to exploit every possible vulnerability, which can harm anyone. Between gift scams, code theft, fake support agents, and social media groups, scammers are not idle. For developers and members of the crypto community, network users should be protected from this situation. What are they doing to combat these bad practices in the crypto industry?
Polkadot Anti-Fraud Initiative (DOT)
In April 2021, developers and members of the crypto community Polkdat (DOT) created an initiative to combat scams in this ecosystem. Since then, the group has been working quietly behind the scenes to defeat malicious projects on the network. Its goal is to do what is necessary to protect users and to make Polkadot a environmental system surely. A simple goal in theory, but a difficult one to achieve, especially if one wants to stay true to the Web 3.0 philosophy and act in a decentralized manner on the blockchain. statement Michalis Fragkiadakis, Head of Support and Anti-Fraud at the Web3 Foundation.
Posted on Medium a Article which acts as a guide to help users better protect themselves.
“The threat to Polkadot brand development is real, but our concern goes beyond that. We don’t want Polkadot to be an end-to-end ecosystem. We want it to be a secure ecosystem, where users don’t have to constantly worry about being scammed and where fraudsters have to think twice before using their networks.”he wrote.
To date, the group’s efforts have thwarted thousands of fraud schemes targeting the network. The document shows, among other things, that more than 5,500 websites that developed fraudulent schemes have been suspended, and most of them have been shut down. The group is satisfied with the progress, but realizes there is still much to do. He also asked the victims to read and refer to the manual for help.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.