Xerberus launches Siren to allow crypto users to beat scammers

RISK rating protocol Xerberus has launched a free scam recovery tool which allows crypto users to map and then report any threats they face while trading on a network.

Available from today, 'Siren' can generate a full on-chain report highlighting exactly where any digital assets go following a theft. The report is then shared with a network of specialist London law firms who can then - for a fee - action the legal proceedings for recovery.

Siren algorithmically produces a map of wallet transactions using Xerberus’ Wallet Graph technology. It maps the movement of assets between all the involved wallets on the chain and highlights the ‘bystander’ wallets, as well as those that are unaffected, to give a holistic overview of the severity of the scam. Correlations identified across scams are used to better understand the behaviours of scammers and to identify potential scams before anything is stolen.

If a case goes to court, all recovered funds from the scam are distributed across the affiliated parties, with the cost of recovery taken from the recovered funds, a 5% surplus is distributed to affiliated wallets on the coin network and the rest of the funds are returned to the scammed user.

“The whole of the team at Xerberus is proud of Siren and what it means for crypto moving forward," said Simon Peters, CEO and co-founder of Xerberus.

"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.”