Key Takeaways:
- Over 2,000 Australian-owned crypto wallets were targeted by “approval phishing” scams, leading to significant token thefts.
- Victims have collectively lost approximately $4 billion since May 2021 due to these scams.
- Major Australian banks and cryptocurrency exchanges are collaborating to restrict or block transfers to crypto exchanges as part of efforts to protect consumers.
Chainalysis’ Operation Spincaster uncovered that over 2,000 Australian-owned crypto wallets were targeted by “approval phishing” scams, prompting an investigation by the Australian Federal Police (AFP).
These scams deceive users into authorizing malicious transactions, allowing scammers to steal their tokens.
5/6 🤝 We encourage open dialogue and partnership with the industry, including leveraging existing industry initiatives to raise standards and build confidence in the sector.
— Chainalysis (@chainalysis) March 16, 2023
Victims have lost approximately $4 billion since May 2021.
The AFP, in collaboration with Chainalysis, is using intelligence from the operation to identify victims and disrupt cybercriminals.
This includes providing education, tools, and training.
1/4 Over $2.7 billion lost to approval phishing #scams since 2021 exposes a major threat to the digital asset space. Chainalysis is proud to announce Operation Spincaster, a pioneering global initiative tackling this issue through public-private collaboration. 🧵 pic.twitter.com/53uNKWrzz9
— Chainalysis (@chainalysis) July 18, 2024
Major cryptocurrency exchanges and Australian banks, including the “Big 4” and HSBC, are actively working to protect Australians by restricting or blocking transfers to crypto exchanges.
In 2023, Australians lost up to $840 million in investment scams, according to the competition and consumer regulator.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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