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The Australian Federal Police said today (5 August) that Operation Spincaster has already found more than 2,000 compromised Australian-owned crypto wallets.
The Australian Federal Police has shared details of a global operation to combat cryptocurrency scams.
The AFP-led Joint Policing Cybercrime Coordination Centre, or JPC3, has been working with blockchain data platform Chainalysis on Operation Spincaster and has so far identified over 2,000 compromised crypto wallets belonging to Australian citizens.
The ongoing investigation has been targeting “approval phishing,” a scam whereby criminals trick their victims into authorising a malicious blockchain transaction. Globally, victims have lost over $4 billion in cryptocurrency to the technique, as scammers are able to drain wallets dry after being given permission to access them.
The technique is particularly prevalent as a part of investment and romance scams.
AFP Detective Superintendent Tim Stainton said such crypto scams are a borderless crime and difficult for any one agency to investigate.
“Working together and sharing knowledge with industry, government and law enforcement partners is crucial,” Superintendent Stainton said in a 5 August statement.
“The intelligence we have gathered collaboratively throughout Operation Spincaster has shed a clear light on new tactics being used by cyber criminals in their continued efforts to defraud Australians.
“It will form a key part of our ongoing investigations to identify cyber crime victims and disrupt offenders in Australia.
“We thank the digital currency exchanges, BTC Markets, Binance, Crypto.com, Ebonex, Independent Reserve, OKX, SwyftX, and Wayex, for their commitment to identifying Australian victims, to provide support and prevent ongoing victimisation and monetary loss in Australia.”
Phil Larratt, Chainalysis’ director of investigations, said he was proud of his firm’s work on the global operation.
“The results of the operational sprints are enduring and create a positive impact in tackling a growing threat facing the community,” Larratt said.
“There is still much to do in this relentless fight against scams, but proactive initiatives such as Operation Spincaster, where we bring together key stakeholders across the ecosystem as a collective, are a pivotal step in disrupting the global scam epidemic.
“We look forward to the continued success of these sprints and playing our part in enabling agencies in Australia and across the globe with the tools and expertise on this journey.”
Chainalysis has shared intelligence and training with public agencies and crypto exchanges from the US, UK, Canada, Spain, Netherlands and Australia.
If you are a victim of cyber crime, report it to the police using the report button via www.cyber.gov.au.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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