Thousands of Australian Crypto Wallets Compromised

The Australian Federal Police (AFP) has uncovered that over 2,000 Australian-owned cryptocurrency wallets were compromised by offshore scammers, resulting in millions of dollars in losses. This revelation stems from Operation Spincaster, a global initiative led by Chainalysis in collaboration with the AFP's Joint Policing Cybercrime Coordination Centre (JPC3) and various international stakeholders. The operation primarily targeted 'approval phishing' scams, wherein cybercriminals trick victims into signing fraudulent blockchain transactions to access their crypto wallets. The investigative efforts, encompassing six countries, generated over 7,000 leads and revealed approximately $162 million in losses. Experts highlight that cryptocurrency phishing scams remain a significant threat, with over $4 billion lost globally since May 2021. Australian authorities are urging crypto users to enhance their security measures to prevent future fraud.