Australian Police Commits to Prevent Crypto Scams
By Philip Maina
1 week agoTue Aug 06 2024 10:12:56
Reading Time: 2 minutes
- The Australian Federal Police (AFP) has announced its commitment to fighting crypto scams
- AFP is already investigating scams affecting over 2,000 wallets linked to Australians
- The over 2,000 wallets owned were discovered in a recent Chainalysis report
The Australian Federal Police (AFP) is committed to safeguarding Australians against crypto scams by working with blockchain intelligence firm Chainalysis. In a statement , the AFP said it’s ready to prevent crypto scams in the country and collaborate with other global law enforcement agencies to fight crypto-based crimes globally. The AFP’s statement follows revelations made by Chainalysis in its Operation Spincaster report, indicating that law enforcement agencies are willing to work with blockchain firms to curb crypto crimes.
$4 Billion Stollen in Three Years
Operation Spincaster disclosed that scammers are increasingly using the “approval phishing” tactic where a victim is tricked into approving malicious access to their wallet . The operation discovered that the malicious actors had pocketed over $4 billion for three years.
The AFP disclosed that it’s already investigating losses incurred by Australians who fell victim to this scam and is working to prevent further losses. Chainalysis discovered that the “approval phishing” method is mostly used by scammers luring victims using phony investment deals that offer unbelievably high returns.
Malicious actors also use this tactic when enticing victims through romantic connections. According to AFP’s Tim Stainton, the intelligence provided by Chainalysis is crucial in identifying cybercrime victims and disrupting offenders in Australia.
The AFP disclosed that it’s working with exchanges like Binance and OKX to identify Australian crypto scam victims.
Operation Spincaster Results Announced
The AFP’s commitment to fighting crypto scams in Australia comes two weeks after Chainalysis revealed Operation Spincaster results . Chainalysis used the operation to bring together private and public entities to help fight crypto crimes.
It also comes at a time when Australian regulators are increasing their involvement in the crypto and blockchain sectors including releasing new crypto protection regulations .
With the Australian police committing to prevent crypto scams, scammers will likely change their tactics.
