United

Million

Coin

The&nbsp;<a href="https://www.thecoinrepublic.com/2022/10/09/coinbase-to-build-up-its-existence-in-australia-via-2-new-crypto-features/" rel="noopener noreferrer nofollow">Australian Federal Police</a>&nbsp;said a significant crypto scam has affected thousands of crypto wallets. Fraud, which has stolen millions of digital assets, is part of a large-scale action against cryptocurrency fraud. Operation Spincaster, conducted with the help of Chainalysis, has identified more than 2,000 hacked wallets in Australia.
Operation Spincaster involves six countries. The countries with the highest users were the USA, the United Kingdom, Canada, Spain, the Netherlands, and Australia. This joint venture has produced over 7,000 leads and caused estimated losses of about $162 million. The Joint Policing Cybercrime Coordination Centre (JPC3) in Australia has conducted these investigations.
According to Detective Superintendent Tim Stainton of the Australian Federal Police, the operation was significant. He said that the intelligence collected had given some information on cybercriminals’ modus operandi. This information will be of great importance in recognizing the victims and preventing the offenders in Australia.
<h2 class="wp-block-heading" id="h-phishing-crypto-scams-target-2-000-australian-wallets">Phishing Crypto Scams Target 2,000 Australian Wallets</h2>
Thus, the specialists stress that the continuous threat of phishing scams persists in the crypto sphere. These&nbsp;<a href="https://www.afp.gov.au/news-centre/media-release/australia-joins-global-campaign-disrupt-and-prevent-cryptocurrency-scams" rel="noopener noreferrer nofollow">scams trick</a>consumers into signing off for unauthorized token transfers by pretending to be genuine organizations. Scam Sniffer has released information stating that 260,000 people were duped into parting with $314 million to&nbsp;<a href="https://www.thecoinrepublic.com/2024/03/11/crypto-scam-57k-victims-lost-47m-to-crypto-phishing-scams/" rel="noopener noreferrer nofollow">phishing scams</a>&nbsp;in the first half of the year alone.
These scams, known as approval phishing, have affected over 2,000 crypto wallets in Australia. The scams lure customers to authorize transfers of the tokens to the perpetrator’s account. These cases clearly show that the cryptocurrency threat to investors is still relevant.
According to the Australian Financial Review, these scams have led to massive losses. The affected wallets were victims of a complex phishing attack. This shows that people in the crypto world need to raise their awareness and uptake security measures.
<h2 class="wp-block-heading" id="h-10-million-crypto-error-sparks-legal-action">$10 Million Crypto Error Sparks Legal Action</h2>
Australian authorities have initiated legal processes against persons engaged in criminal cryptocurrency-related activities. A specific example of the&nbsp;<a href="https://www.thecoinrepublic.com/2023/06/12/crypto-com-to-halt-institutional-exchange-services-in-the-u-s/" rel="noopener noreferrer nofollow">Crypto.com</a>&nbsp;platform is that a user had funds sent to their account by mistake and used them. Therefore, the mistake led to transferring 10.47 million Australian dollars instead of the 100 Australian dollars refund.
The couple spent money before the exchange came to its senses and realized the error. Thus, the authorities have established a damages amount of about $4.9 million and are asking for the accomplices to be imprisoned. They have stated that such a large sum must attract strict legal penalties.
These events highlight the growing cases of crypto crimes in Australia. The Australian Transaction Reports and Analysis Centre (AUSTRAC) published a report recently that pointed towards a rise in the use of cryptocurrencies for criminal activities in the region.
<h2 class="wp-block-heading" id="h-australia-s-jpc3-key-in-crypto-fraud-fight">Australia’s JPC3 Key in Crypto Fraud Fight</h2>
The global fight against crypto fraud, led by Operation Spincaster, has revealed the extent of the issue. The operation has been conducted in several countries and has produced thousands of leads. This strategy has helped in combating the constantly emerging threat of cybercrimes.
In Australia, the JPC3 has been a critical player in these investigations. Detective Superintendent Stainton highlighted the significance of the intelligence, stating that it revealed new tactics employed by the criminals.
This information will be used in further investigations, assist in identifying victims, and disrupt offenders in Australia. The operation has highlighted the importance of cooperation between countries in the fight against crypto fraud.
The post <a href="https://www.thecoinrepublic.com/2024/08/05/massive-crypto-scam-exposed-in-australia-4b-stolen-since-2021/" rel="noopener noreferrer nofollow">Massive Crypto Scam Exposed in Australia, $4B Stolen Since 2021</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Massive Crypto Scam Exposed in Australia, $4B Stolen Since 2021

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 5, 2024

Robinhood Halts 24-Hour Trading

Binance Labs Unveils First Batch of Projects in Season 7 Incubation Program

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Hackers Exploit Crypto Market Crash to Buy Discounted $40 Million Ether

US Stock Plunge: Apple, Microsoft, Nvidia Down Big, JPMorgan Sees Bargains!

JUST IN: Allegedly About to Launch Payment System on Twitter (X)

Join our free newsletter for daily crypto updates!