Leading Crypto Exchanges and Tech Giants Unite to Combat Scams with 'Tech Against Scams' Partnership

Several major cryptocurrency exchanges, including Coinbase, Kraken, and Gemini, have joined forces with tech giants Meta and Ripple Labs, as well as organisations like the Global Anti-Scam Organization (GASO) and dating app company Match, to launch the "Tech Against Scams" initiative aimed at combating fraudulent activities in the crypto space. The initiative seeks to educate the public about common scams, including the notorious "pig butchering" scheme, where scammers build trust with victims before swindling them out of money. This collaboration comes in response to the growing threat of crypto-related scams, as highlighted by reports estimating that $5.9 billion was stolen through such scams in 2022. Recently, U.S. prosecutors charged two individuals, Yicheng Zhang and Daren Li, for allegedly orchestrating a $73 million pig butchering scam, emphasising the need for concerted efforts to tackle such criminal activities in the cryptocurrency industry.