The number of user complaints received by crypto and blockchain entities has been on a decline since August, the latest Complains.Biz data has shown. The data shows that in just 28 days, Complains.Biz’s sentiment meter detected a 29% decline in the number of complaints. According to company founder Tom Blok, platforms that deliberately ignore user complaints are often shady platforms or outright scams.

Shady Crypto Businesses Do Not Prioritize Customer Complaints

According to Complains.Biz’s Dec. 15 data, user complaints and queries related to crypto have declined by 29% in just 28 days. The data indicates that complaints against decentralized finance, crypto, and blockchain platforms in 2023 have generally trended downwards since their August peak.

Explaining why the complaints sentiment meter has turned positive, Tom Blok, the founder of the crypto-related complaints tracking site Complains.Biz, suggested that this could be tied to crypto firms’ changed attitudes towards user complaints. Leading in this race to minimize user complaints are the so-called legit companies, Blok added.

Still, in his written answers sent to Bitcoin.com News, the Complains.Biz founder concedes that not all crypto or blockchain firms prioritize addressing user complaints. According to Blok, platforms that deliberately ignore user complaints are often shady platforms or outright scams.

User Complaints ‘a Goldmine for Improvement’

Besides functioning as an alert system, user complaints often help crypto firms debunk myths and build trust, Blok argued. In addition, when used correctly, the data gleaned from complaints can be an important treasure trove.

“Data derived from customer complaints can be a goldmine for improvement, something we’ve seen firsthand on our complaint platform. In the crypto world, systematically addressing and learning from user complaints can not only counter false narratives but also guide the industry towards better practices and innovations,” Blok explained.

The founder also argued that learning from customers’ or users’ feedback is even more critical in the fast-paced world of crypto, where perceptions are ever-changing.

Meanwhile, when asked about what crypto firms, particularly centralized and decentralized exchanges, should do to protect themselves from scammers, Blok said the key is monitoring and responding to alerts raised by users. Since users are often the first to notice or detect suspicious activity, listening or relying on their feedback often turns out to be “a formidable line of defense” against scammers.

Concerning pig butchering scams, which are identified as one of the most sophisticated scams that trended in 2023, Blok said the key to avoiding prey is trusting one’s gut.

“If it sounds too good to be true, it probably is,” the Complains.Biz founder added.

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