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 The Australian Federal Police (AFP) has initiated an investigation into a large-scale cryptocurrency phishing operation that has compromised over 2,000 Australian-owned digital wallets.&nbsp; 
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This action follows the revelations of<a style="color: #0000ff;" href="https://www.chainalysis.com/blog/operation-spincaster"> Operation Spincaster</a>, a probe conducted by blockchain analysis firm Chainalysis, which exposed widespread “approval phishing” attacks on cryptocurrency holders in six countries, including Australia.&nbsp; 
AFP Detective Superintendent Tim Stainton, in a <a style="color: #0000ff;" href="https://www.afp.gov.au/news-centre/media-release/australia-joins-global-campaign-disrupt-and-prevent-cryptocurrency-scams">statement</a> published on August 5, 2024, emphasized the importance of the intelligence gathered during Operation Spincaster. He noted that the findings have revealed new cybercriminal tactics and will be instrumental in identifying victims and disrupting illegal activities within Australia. 
Operation Spincaster focuses on combating approval phishing scams through a combination of educational initiatives, specialized tools, and training programs. These scams typically involve deceiving users into authorizing malicious transactions, granting scammers access to transfer funds from victims’ wallets. Such techniques are often employed in fraudulent investment schemes and romance scams, sometimes known as “pig-butchering” scams. 
The AFP noted in the statement that its Policing Cybercrime Coordination Center (PCCC) joined Chainalysis’s initiative in June 2024, and these investigations are part of its actions to resolve ongoing cases which were discovered and strengthen protections for Australian citizens. 
Meanwhile, Phil Larratt, the Director of Investigations at Chainalysis, expressed satisfaction with the collaboration, highlighting the provision of investigative support and advanced crime prevention tools to Australian law enforcement. He stressed the critical role of public-private partnerships in tackling scams effectively. 
Larratt acknowledged the persistent challenge posed by scams but emphasized that initiatives like Operation Spincaster, which bring together key stakeholders, are vital in disrupting the global scam epidemic. 
This development comes on the heels of<a style="color: #0000ff;" href="https://defi-planet.com/2024/07/chainalysis-announces-plans-to-expand-crypto-anti-phishing-operation-to-more-countries/"> Chainalysis’ announcement of plans to expand Operation Spincaster</a> to additional countries in the near future. In a blog post published on July 18, 2024, the company shared initial results and outlined its expansion strategy, reaffirming its commitment to combating illicit activities in the cryptocurrency ecosystem. 
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The post <a href="https://defi-planet.com/2024/08/australian-police-launches-probe-into-crypto-phishing-scam-affecting-2000-wallets-following-chainalysiss-operation/">Australian Police Launches Probe into Crypto Phishing Scam Affecting 2,000 Wallets Following Chainalysis’s Operation</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Australian Police Launches Probe into Crypto Phishing Scam Affecting 2,000 Wallets Following Chainalysis’s Operation

DeFi Planet

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