**Crypto Phishing Scams Hit 2,000 Australian Wallets**

The Australian Federal Police (AFP) is investigating a surge in crypto phishing scams that have impacted at least 2,000 Australian-owned wallets. Dubbed Operation Spincaster, the investigation follows a Chainalysis report revealing that cybercriminals used "approval phishing" tactics to exploit these wallets.

Approval phishing scams trick users into signing malicious transactions, allowing scammers to transfer tokens to their own addresses. These scams are often disguised as high-return investment schemes or romance scams, also known as pig-butchering scams.

Since May 2021, victims have lost around $4 billion to these scams. The AFP, in collaboration with Chainalysis, is working to trace stolen funds and support victims. Cryptocurrency exchanges like BTC Markets, Binance, and Crypto.com are also stepping up efforts to prevent such scams.

Australian banks, including the "Big 4" and HSBC, have imposed restrictions on transfers to crypto exchanges to combat these scams. In 2023 alone, Australians lost up to $840 million in investment scams, highlighting the urgent need for continued vigilance and education.