In a pioneering move to enhance cryptocurrency security, TRM Labs, a renowned blockchain analytics firm, has teamed up with Australian crypto exchange Swyftx. This collaboration aims to combat prevalent scams in the cryptocurrency sector. A notable aspect of this partnership is an innovative program that rewards users for adopting two-factor authentication (2FA) on their accounts. Participants will receive AUD 10 (approximately USD 6.6) in Bitcoin, aligning with the Australian government's Scam Awareness Week.
The significance of 2FA in bolstering account security cannot be understated, as it adds an extra layer of protection beyond the traditional password. This move by TRM Labs and Swyftx is a response to the growing need for heightened security measures in the crypto industry, especially following the FTX collapse and subsequent tightening of Australia's crypto regulation policies.
In 2022, Australians reported substantial losses due to cryptocurrency scams, totaling AUD 221 million (USD 146 million). This year, Swyftx has successfully prevented AUD 3 million from falling into the hands of scammers. As part of the initiative, the first 2,000 customers who enable 2FA and complete a related course will receive the Bitcoin reward from Swyftx. Additionally, the partnership promotes the use of Chainabuse.com, a TRM Labs-operated scam-reporting website, encouraging users to report and verify addresses for potential fraud.
Looking forward, Australia is gearing up to introduce draft legislation by 2024, focusing on licensing and custody rules for crypto asset providers, signaling a more regulated and secure future for the industry.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.