Australia "declares war" on the subject who stole more than $4 billion in cryptocurrency globally

In a global operation, the Australian Federal Police (AFP) is partnering with a blockchain data platform to tackle cryptocurrency scammers.

The campaign identified more than 2,000 compromised cryptocurrency wallets owned by Australians. (Source: YourStory.com)

The operation, dubbed Spincaster, targets criminals using the tactic of “approval phishing,” a form of cryptocurrency theft that has stolen more than $4 billion in cryptocurrency from victims globally since May 2021.

The AFP is investigating the Australian losses and gathering more intelligence on cryptocurrency scam tactics to prevent similar incidents.

The AFP-led Joint Cybercrime Coordination Center (JPC3) and blockchain data platform Chainalysis have targeted “approval scams,” in which criminals trick victims into signing a malicious blockchain transaction.

Once signed, the criminal has access to the victim’s cryptocurrency wallet and can spend the victim’s cryptocurrency. This method allows the criminal to drain the victim’s wallet, similar to allowing someone to transfer money from your online bank account.

As part of the Spincaster campaign, more than 100 representatives from cryptocurrency exchanges and public authorities from the US, UK, Canada, Spain, the Netherlands and Australia participated in training sessions from April to June 2024.

Source: https://baoquocte.vn/australia-tuyen-chien-voi-doi-tuong-danh-cap-hon-4-ty-usd-tien-dien-tu-tren-toa-n-ca-u-281399.html