The reporting system for crypto scams in the US is fragmented and needs to be unified, according to Coinbase's chief security officer, Philip Martin. Speaking at the SXSW conference, Martin explained that victims often struggle to know where to report scams, with different organisations handling cases in a disjointed manner. He called for a single reporting system that would help track the scale of the issue and improve coordination between organisations.

Martin pointed out that victims of crypto scams often feel frustrated, as many reports seem to go unnoticed, especially with platforms like the FBI's Internet Crime Complaint Centre (IC3). He suggested that a more centralised approach would provide better visibility for victims and more effective resources to address the problem.

In addition, Martin noted that many crypto scams originate from outside the US, making it harder for law enforcement to take action. He advocated for stronger international cooperation to ensure scammers have no safe havens. Meanwhile, California's financial regulator reported over 2,600 complaints last year, revealing new types of scams in the crypto space.

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