Place/Date: - April 27th, 2018 at 12:17 pm UTC · 2 min read
Contact: Alex Senemar, Source: Trustroot
With cryptocurrencies rising in prominence, hackers have increasingly attempted to steal consumers’ hard-earned assets. In a recent Business Insider report, it was discovered that hackers and online scammers have managed to get away with over $2.3 billion in cryptocurrencies, with over 40% of that amount taking place during the last three months.
It’s clear that new tools are necessary to increase trust and safety for consumers and the team at Trustroot aim to do just that to protect your blockchain transactions.
Trustroot is a blockchain protocol that helps users avoid malicious scams and hacks by verifying the identity and reputation of a blockchain business. It works by providing users a clear indicator that they are transacting with a trustworthy entity and that the organization they are sending money to is who they claim to be.
Through Trustroot’s browser extension, users can easily review information regarding a business’s incorporation, wallet addresses, and reputation prior to sending a payment. You can download the Trustroot browser extension by visiting our website.
“Cryptocurrency is receiving more validation with daily transaction volumes surpassing $50 billion late last year and this increased attention has created a gold mine for scammers with little tools for consumers to protect themselves,” said Shayan Zadeh, CEO of Trustroot. “We built Trustroot to help consumers make informed decisions prior to sending money on the blockchain.”
Hackers have continuously taken advantage of the cryptocurrency hype to convince consumers to send them currency through clever social engineering tricks.
Whether it is altering wallet addresses, impersonating social media accounts, or hijacking email lists, Trustroot’s browser extension will detect these attacks before they happen, by letting users know they are transacting with a thoroughly vetted business and providing them the tools they need to make a secure transaction.