Police in Australia, in collaboration with blockchain analytics firm Chainalysis, have uncovered a massive crypto scam targeting Australian citizens. Over 2,000 compromised digital wallets were identified as part of their worldwide operation to combat cryptocurrency fraud.
The collaborative effort focused on dismantling a global criminal network that employed a sophisticated phishing tactic to defraud victims of over $4b in crypto since 2021.
Building on the operation’s findings, Australian law enforcement is pursuing those responsible for the cryptocurrency losses Australian citizens incurred. Simultaneously, they are developing strategies to counter the phishing tactic and safeguard the public from future crypto scams.
In this specific phishing scam, called “approval phishing,” criminals manipulate victims into granting access to their cryptocurrency wallet. Then, by deceiving victims into signing a malicious transaction, acquire full control, allowing them to drain the wallet’s contents at will, similar to handing over complete control of a bank account.
Australia, Chainalysis Take Action Against Crypto Fraud with Collaborative Workshop
In June 2024, Australia took a proactive stance against cryptocurrency fraud by convening a workshop involving Chainalysis and key stakeholders. Industry experts, government agencies, and law enforcement collaborated to share intelligence, enhance investigative capabilities, and develop victim support protocols.
The workshop aimed to fortify Australia’s defense against the evolving tactics of cryptocurrency scammers.
Australia Tackles Increased Risk of Illicit Activities in Booming Crypto Market
Australia has witnessed a rapid increase in cryptocurrency adoption, with more Australians than the global average owning digital currencies. This burgeoning market has not gone unnoticed by regulators, as cryptocurrency comes under increasing scrutiny in the country.
The increasing threat of cryptocurrency-fueled money laundering has prompted a strong warning from Australia’s financial watchdog. A recent assessment identified digital currencies as a major weak point in the country’s financial defenses, with the risk of illicit activities projected to climb.
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#BlockchainNews #Australia #Chainalysis #Cryptofraud [Source: CryptoNews]