Australian authorities have launched a crackdown on crypto fraudsters who are impersonating Binance, the world’s largest crypto exchange, by trading volumes, following a string of fraudulent attacks targeting local users.
The Australian Federal Police, the National Anti-Scum Centre, and Vinance Australia have warned victims of sophisticated scams that abuse fake messages to steal codes.
AFP revealed that more than 130 potential victims have been warned as part of an aggressive effort to combat joint fraud statement It was released on Wednesday.
The scammer previously posed as representative of Binance, claiming that the victim’s accounts had been compromised, using SMS and an encrypted messaging platform.
The message appears to be from an existing thread with legitimate existing threads and included fake verification codes and a contact phone number that led the victim to a fraudulent hotline.
Once they called the number, the victims were encouraged to transfer the cryptocurrency to a “trust wallet” controlled by fraudsters.
Crypto fraud was identified via Operation Firestorma global effort launched last year to disrupt international crime syndicates targeting Australians through digital fraud.
The AFP worked with international law enforcement to identify the perpetrators, but once the funds were transferred, they quickly passed through a network of wallets and laundry channels, making recovery nearly impossible.
“AFP has worked closely with NASC partners to quickly identify Australian victims eligible for these fraudsters and provide advice on protecting cryptocurrency accounts,” AFP Commander Cybercrime Operations Graeme Marshall said in a statement.
Authorities advise victims of the fraud to immediately contact the bank or crypto exchange, report the incident to police through Reportcyber, and cite the reference number AFP-068.
Binance Australia has worked with local governments to crack down on fraud while being caught up in its own legal challenges.
In December 2024, Australian Securities and Investment Commission (ASIC) Release Legal proceedings against Binance Australia Derivatives, criticizing platforms that misclassify retail investors and rejected them essential consumer protection.
Coordinated efforts by Australian authorities face growing concerns over Australian crypto fraud.
Last month, the Australian Competition and Consumer Commission issued warnings about the potential impact of relaxed crypto regulations in the United States under President Donald Trump’s administration.
ACCC Chair Gina Cass-Gottlieb has said that the US government’s move to facilitate cryptography regulation has been “Horror scenario‘For investors.
These fears were reflected in the ACCC’s annual fraud report. It was revealed Australians lost more than $1.3 billion to investment fraud in 2023, with crypto fraud becoming a major contributor.
Edited by Sebastian Sinclair
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