Siren from Xerberus allows crypto users to map and then report any scams they face whilst trading coins on a network. It is supported by a network of lawyers who can then litigate to recover funds for a fee. After reporting a scam, Siren generates a free full on-chain report highlighting exactly where the coin or token went after the scam. This report can then be shared with a growing network of specialist London law firms with a deep understanding of blockchain technology to action the legal proceedings for recovery. In essence, Siren offers a one-stop shop to recover scammed coins and tokens.
How the tool works?
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, to make the industry safer, 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.
Siren delivers equity for all parties and seeks to stamp out scammers by making it easier for crypto users to report and raise awareness of their stolen funds. Xerberus is democratising justice and putting power back into victims' hands by making the litigation process inclusive to all investors, not just high-net-worth individuals.
Commenting on the launch, officials from Xerberus said that as they roll out Siren to new networks it will become a vital tool in protecting crypto users from scams across all major networks. Their 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, they want to stamp out bad crypto and put an end to malicious industry practitioners. They look forward to working with their users as they continue to bring industry crooks to justice and make crypto trustworthy.
