Tech Against Scams Coalition Formed by Coinbase, Kraken, Ripple, and Others to Combat Online Fraud and Scams Including "Pig Butchering" Crypto Scam

Coinbase, Kraken, Ripple, Gemini, Meta, and Match Group have joined forces to form the "Tech Against Scams" coalition, aimed at preventing online fraud and scams. The coalition will share best practices, threat intelligence, and other information to protect users from becoming victims of schemes like "pig butchering," where scammers contact victims through dating apps or social media and pitch a cryptocurrency money-making opportunity. Losses from crypto investment scams in the US alone totaled $3.94 billion in 2023, according to the FBI. The coalition will collaborate to take action against scammers and protect customers.