Over the course of three years, more than $4 billion in cryptocurrency has been stolen from victims using an ‘approval phishing’ tactic.
According to the Australian Federal Police (AFP), over 2,000 crypto wallets owned by Australians have been compromised.
The AFP collaborated with U.S. blockchain data platform Chainalysis in a global investigation named Operation Spincaster to target criminal cryptocurrency scammers.
This operation uncovered criminals utilizing the tactic of “approval phishing,” resulting in the theft of $4 billion in cryptocurrency since May 2021.
AFP Detective Superintendent Tim Stainton emphasized the importance of international collaboration in combating cybercrime.
Approval phishing involves tricking victims into approving a malicious blockchain transaction that allows scammers access to the victim’s wallet, enabling them to drain it of tokens at will.
Australians are urged to remain vigilant and skeptical of urgent requests for money or personal information, particularly in cases of investment or romance scams.
Chainalysis provided intelligence on compromised wallets and training on tracing stolen funds to participants of Operation Spincaster.
Assistant Treasurer Stephen Jones highlighted the significant losses Australians face due to scams, with social media platforms being targeted by scammers.
The government is taking steps to prevent scams, including implementing measures like confirmation of payee and blocking high-risk cryptocurrency exchanges to reduce losses.
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