As a seasoned crypto investor with years of experience navigating the volatile and often treacherous waters of the digital asset market, I can’t help but feel a sense of unease reading about Operation Spincaster. The rise in approval phishing scams is a stark reminder that no amount of knowledge or caution can completely shield us from the nefarious intentions of cybercriminals.
Based on a recent report from the Financial Review, it’s been discovered that approximately thousands of Australian cryptocurrency owners have had their digital wallets hacked by malicious individuals.
The recent discovery is part of Operation Spincaster, which is a global effort to fight crypto fraud, specifically focusing on so-called approval phishing scams.
Over the last two years, there’s been a significant increase in the number of approval phishing scams, leading to the theft of hundreds of millions of dollars in cryptocurrency. In these scams, victims are deceived into providing authorization for the transfer of particular tokens.
A notable blockchain investigator, Chainalysis, rolled out a comprehensive initiative aimed at hindering and stopping significant cryptocurrency scams through collaborative efforts between the public and private sectors.
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During the operation, we actively found out about the breached wallets. It’s worth mentioning that someone who is currently being targeted by a fraud (the ongoing scam) was specifically reached out to, as part of this operation.
As a researcher delving into this global study, I find myself traversing the United States, Spain, Australia, and various other nations, where I’m collaborating with a grand total of 12 public sector entities. Furthermore, this operation extends its reach to approximately 17 crypto exchanges as well.
Chainalysis has long been cooperating with government agencies in order to combat crypto crime.
In April, Canadian authorities collaborated with Chainalysis to establish a training facility for investigations.
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2024-08-04 13:49