After months of rigorous beta-testing and continued development, Xerberus, a cryptocurrency risk rating platform, has released Siren, a free tool for recovering from crypto scams.
By enabling regular users to map and then report any scams they see when exchanging coins on a network, Siren returns control to the hands of regular cryptocurrency users. It is backed by a group of attorneys who, for a charge, can file a lawsuit to recover money.
Any cryptocurrency user can utilise Siren to report a transaction if they’ve been duped. Following the scam, it produces a free comprehensive on-chain report that details the precise whereabouts of the coin or token.
In order to move on with the legal process for recovery, this report can thereafter be distributed to an expanding network of specialised London law firms who have a thorough understanding of Blockchain technology.
Essentially, Siren provides the first one-stop shop for recovering tokens and money that have been scammed.
With the aid of Xerberus’ Wallet Graph technology, Siren generates an algorithmic map of wallet transactions. To provide a comprehensive assessment of the scam’s severity, it charts the transfer of assets among all the wallets on the chain that are affected and shows “bystander” wallets in addition to those that are unaffected.
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To try to make the business more secure, to better understand the behaviours of scammers, and to spot possible scams before anything is stolen, correlations between schemes are found.
Moreover, if a case proceeds to court, all seized funds from the fraud are dispersed among the linked parties, with the cost of recovery deducted from the recovered assets, a 5% surplus sent to connected wallets on the coin network, and the remainder of the funds restored to the scammed user.
By making it simpler for cryptocurrency users to report and spread knowledge of their stolen assets, Siren promotes equity for all stakeholders and works to eradicate scammers.
Through opening up the legal process to all investors, not just wealthy ones, Xerberus is streamlining justice and returning power to the victims.
Xerberus CEO and co-founder Simon Peters stated: “The whole of the team at Xerberus is proud of Siren and what it means for crypto moving forward. As we roll out Siren to new networks it will become a vital tool in protecting crypto users from scams 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 stamp out bad crypto and put an end to malicious industry practitioners. This is why this tool is free. We look forward to working with our users as we continue to bring industry crooks to justice and make crypto trustworthy.”
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