Korean Startup Traverse Launches 'ChainLock,' a Blockchain Scam Detection Platform
By Ji-Hyun Hwang | Dailyan
"Minimizing Crypto Scam Losses through Transparent Wallet Tracking," says CEO Han Tae-woo
South Korean startup Traverse has launched ChainLock, a platform designed to detect and prevent cryptocurrency-related scams by allowing users to search suspicious wallet addresses and report fraud cases.
With the crypto ecosystem inherently combining anonymity with transparency, it has become increasingly difficult for users to know whether the recipient of their funds is tied to criminal activity. The lack of accessible information has made investors more vulnerable to scams, phishing, and hacking.
“We created ChainLock because there was no accessible platform that could alert users to high-risk addresses associated with scams or fraud,” said Han Tae-woo, CEO of Traverse, in an interview with Dailyan on July 13. “Our service currently offers data on more than 270,000 suspicious addresses to help users identify potential threats before making transactions.”
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A Crowd-Sourced Approach to Preventing Crypto Scams
ChainLock enables users to search for wallet addresses, phishing URLs, or tokens linked to known scams. The platform also allows victims to report fraudulent activity, contributing to an ever-growing, crowd-sourced database.
CEO Han explained that his experience developing blockchain analytics platform Transight helped the team develop a deep understanding of illicit crypto transactions and money laundering behaviors.
“We realized that it’s not enough to trace criminal activity after the fact,” Han said. “There needs to be a way for users to screen and filter suspicious activity before they send funds. ChainLock was designed to fill that gap and provide a public forum for sharing and verifying scam cases.”
A Vision for Safer Crypto Investing
Han emphasized that Traverse is working to make ChainLock the go-to search result when users look up terms like “crypto scam” on major search engines. The company aims to build a comprehensive fraud prevention ecosystem to enable safer investing in the blockchain space.
“Our long-term vision is to offer a suite of solutions that enhance trust and security in crypto investing,” Han said. “ChainLock is just the beginning.”
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