New York, Saturday, August 10, 2024- The Australian Federal Police (AFP) said August 5 that it had uncovered more than 2,000 compromised cryptocurrency wallets belonging to Australian citizens as part of a global crackdown on crypto-related scams.
The operation, dubbed “Operation Spincaster,” involved collaboration with blockchain analysis firm Chainalysis and has exposed the tactics used by cybercriminals to steal billions in cryptocurrency.
The investigation revealed that these compromised wallets were targeted through “approval phishing,” a technique where scammers trick victims into approving fraudulent transactions that drain their crypto accounts. Since May 2021, approval phishing scams have led to the theft of over $4 billion in cryptocurrency worldwide.
The AFP highlighted the importance of this international cooperation, noting that the intelligence gathered has provided significant insights into the evolving methods used by cybercriminals.
Chainalysis, which initiated the operation, praised the AFP’s role but emphasized that more work is needed to combat the rising tide of crypto scams.
Chainalysis said the operation also included training for law enforcement officials from multiple countries, including the U.S., U.K., Canada, Spain, and the Netherlands, between April and June 2024.
The joint Press Release can be reached here.
