According to Odaily Planet Daily, blockchain security company Chainalysis announced the results of Operation Spincaster, an operation aimed at combating "authorization phishing" scams that have resulted in $2.7 billion in cryptocurrency losses since May 2021.
Chainalysis said Operation Spincaster was a global extension of the company’s first operation with the Calgary Police in Canada in March 2024. The operation involved a series of operations in six countries between April and June, involving 12 public sector agencies and 17 cryptocurrency exchanges.
During these operations, Chainalysis identified more than 7,000 crime-related leads and tracked money flows, closed crime-related accounts, seized funds, and built intelligence to better prevent potential scams.
In one operation, the actors were able to directly contact victims and warn them that they were being threatened, allowing potential victims to revoke authorization and prevent the loss of hundreds of thousands of dollars worth of cryptocurrency.
