The Australian Federal Police is joining forces with international counterparts in a global campaign aimed at disrupting fraudulent activities in the crypto space.
In a press release, Australia announced teaming up with blockchain forensic company, Chainalysis, to fight crypto scammers.
After more than 2000 Australian cryptocurrency wallets were found to be compromised, the AFP and the Australian Securities and Investments Commission (ASIC) decided to share intelligence, coordinate operations, and develop strategies to counteract crypto-related fraud.
A global anti-scam initiative, led by the @AusFedPolice in Australia, has identified more than 2,000 compromised crypto wallets belonging to Aussies.
Read more 👉 https://t.co/SFgUm5eUWw pic.twitter.com/YbkKYyzNN6
— Crypto News 🇦🇺 (@cryptonews_aus) August 5, 2024
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Australia Joins Operation Spincaster
The AFP announced its participation in “Operation Spincaster,” a campaign that sought for cybercriminals using the deceptive practice of “approval phishing.”
Australia’s investigations helped identify the crypto losses in Operation Spincaster. The AFP has developed further intelligence about cryptocurrency scam tactics to help prevent more Australians being scammed.
“The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) and Chainalysis, the blockchain data platform, targeted ‘approval phishing’ scams, in which criminals deceive victims into signing a malicious blockchain transaction,” the press release said.
The workshop involved Chainalysis sharing intelligence about compromised wallets, training on tracing stolen funds, guidance on detecting ongoing scam attempts in real time, and discussions about how to contact and support victims of approval phishing.
According to Australian law enforcement, the workshop involved Chainalysis sharing intelligence about compromised wallets.
The Chainalysis training also involved tracing stolen funds, guidance on detecting ongoing scam attempts in real time, and discussions about how to contact and support victims of approval phishing.
“There is still much to do in this relentless fight against scams, but proactive initiatives such as Operation Spincaster, where we bring together key stakeholders across the ecosystem as a collective, are a pivotal step in disrupting the global scam epidemic,” said Chainalysis Director of Investigations Phil Larratt.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
