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Imagine you’re getting a message from your bank saying your account is in danger. You quickly follow the steps they give, thinking you are securing your money, but instead, you just handed it over to fraudsters! This is precisely what happened to crypto users in Australia.
Following a string of fraudulent attacks aimed at local users, Australian authorities have started a crackdown on crypto scammers posing as Binance, the world’s largest crypto exchange by trading volume.
Alerting victims about the sophisticated scam that uses bogus messages to steal crypto, the Australian Federal Police, National Anti-Scam Centre, and Binance Australia warn
As part of efforts to combat the scam, the AFP released a joint statement on Wednesday, alerting over 130 potential victims.
Claiming that victims’ accounts had been hacked, the fraudsters first pretended to be Binance representatives using SMS and encrypted messaging systems.
The messages, which seemed to be from reputable existing threads connected to Binance, included phony verification codes and a phone number that directed victims to an impersonator hotline.
After calling the number, the scammers advised the victims to transfer their bitcoin to a “trust wallet.”
Operation Firestorm, a global effort launched last year to disrupt international crime syndicates targeting Australians through digital fraud, helped identify the crypto scam.
The AFP worked with international law enforcement to identify the perpetrators, but once the funds were transferred, they were quickly moved through a network of wallets and laundering channels, making recovery nearly impossible.
Moving Stolen Crypto Fast Makes Recovery Hard
AFP Commander Cybercrime Operations Graeme Marshall said in a statement: “The AFP worked closely with our partners at the NASC to quickly identify any victims in Australia who these scammers targeted and give them advice to help keep their cryptocurrency accounts safe.”
Quoting reference number AFP-068, authorities have advised the victims of this fraud to immediately contact their bank or the crypto exchange and report the incident to the police using ReportCyber.
While engaged in its legal challenges, Binance Australia has worked with the local authorities to expose the scam.
In December 2024, the Australian Securities and Investments Commission (ASIC) launched legal proceedings against Binance Australia Derivatives, accusing the platform of misclassifying retail investors and denying them essential consumer protections.
Rising concerns about crypto fraud in Australia follow a coordinated effort by the Australian authorities.
The Australian Competition and Consumer Commission expressed concerns last month on the possible effects of loosened crypto rules in the United States under the government of President Donald Trump.
Chair Gina Cass-Gottlieb of the ACCC noted that the U.S. government’s action to relax crypto controls could lead to ‘horror scenarios’ for investors.
The annual scam report of the ACCC, which shows Australians lost over $1.3 billion to investment scams in 2023 with crypto scams mostly responsible, reflected those worries.
The crypto world is growing fast, but so are scams! This Binance scam shows why it’s important to stay alert. Crypto can be safe if you stay smart! So, be alert and keep your investments secure!
