Australia Flags Over 2,000 Compromised Crypto Wallets

More than 2,000 compromised cryptocurrency wallets belonging to Australians were recently uncovered during a global operation targeting cryptocurrency scammers. The Australian Federal Police is reportedly investigating Australian losses identified in “Operation Spincaster” and gathering intelligence on scammer tactics.

Gathering Intelligence on Scammer Tactics

The Australian Federal Police (AFP) recently discovered more than 2,000 compromised cryptocurrency wallets belonging to Australians during a global operation targeting cryptocurrency scammers. The joint operation with blockchain analysis firm Chainalysis focused on criminals using “approval phishing.”

According to a local report, approval phishing scams have stolen more than $4 billion in cryptocurrency worldwide since May 2021. The AFP is investigating Australian losses identified in “Operation Spincaster” and has gathered intelligence on scammer tactics.

Detective Superintendent Tim Stainton commented on the AFP’s involvement in the Chainalysis-initiated operation:

Working together and sharing knowledge with industry, government and law enforcement partners is crucial. The intelligence we have gathered collaboratively throughout Operation Spincaster has shed a clear light on new tactics being used by cybercriminals in their continued efforts to defraud Australians.

Stainton said the AFP will use the knowledge gained during the operation to disrupt scammers targeting Australians. Phil Larratt, Chainalysis director of investigations, praised the partnership with Australian law enforcement. However, he said more work is needed to defeat scammers.

As per the report, Operation Spincaster also included training for more than 100 attendees from the U.S., U.K., Canada, Spain, Netherlands, and Australia between April and June 2024.

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