to reportto report, the Russian Blockchain and Cryptocurrency Association (RABAC) recently launched a new service to protect cryptocurrency investors from being scammed. Within the framework of the new service, RABAC will actively cooperate with the police, the Federal Security Service (FSB) and INTERPOL.
The service is an online support service for cryptocurrency-related fraud cases and victims of scams, for which the association has opened a new department. The new department will be headed by Denis Dushnov, RABAC's vice president for hosting mechanisms, and Alexander Brazhnikov, vice president for technology promotion.
Russia ranks third among countries with the most hacked cryptocurrency exchanges. In the first quarter of 2018 alone, the number of cryptocurrency-related cybercrime surged by 32%. In the field of cryptocurrency investment, Russian users have suffered relatively large economic losses. The accounts of no less than one million Russian crypto traders on a cryptocurrency exchange called WEX were frozen. Those who lost money as a result of the exchange shutdown are preparing to file charges against the scam platform, and many of the victims have reached out to RABAC for help.
It is reported that the new department of the association will provide a wide range of services, such as providing support for fraudulent traders and conducting fraud-related risk assessments for new encryption projects. Specifically include: tracking stolen investments, searching for suspected embezzlers, searching for counterparties related to companies suspected of embezzlement, assisting in resolving legal disputes, and assisting in resolving property disputes.
Russian citizens can contact the platform by phone, e-mail or official website, which simultaneously conducts further discussions through face-to-face meetings. All complainants will receive feedback within one day. Those who apply for help will fill out a questionnaire so that service personnel can review the specific circumstances of each case in detail. The service then analyzes the case and discusses further action by appointing a face-to-face meeting.
The platform will collect complaints through the Fpcia.com portal and provide users with basic methods to deal with the most common fraud prevention. RABAC explained that despite the lack of cryptocurrency market regulation in the country, they will cooperate with Russian law enforcement agencies. Since the blockchain industry is not limited to national borders, the new service will operate both in Russia and abroad.
Earlier this month, RABAC announced that it would draft amendments to existing draft regulations in the blockchain and cryptocurrency space, while also recommending the introduction of KYC and AML procedures in the crypto space. These amendments and proposals are also intended to further strengthen the management of the cryptocurrency field and reduce the occurrence of fraud.
