Authorities have hit send on a text and email blitz to warn Australian cryptocurrency customers about scammers impersonating a high-profile exchange.
The National Anti-Scam Centre (NASC), in partnership with the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3), has today (20 March, 2025) reached out to more than 130 potential victims alerting them to the impersonation scam targeting the Binance cryptocurrency exchange.
They were identified through messages found on an end-to-end encryption platform.
In scams similar to what is seen in traditional finance, targets were allegedly contacted via SMS and encrypted messaging platforms by someone claiming to be a Binance representative who said their cryptocurrency accounts had been breached.
The messages allegedly contained fake verification codes and were often 'spoofed', meaning they appeared in a legitimate existing message thread from the well-known cryptocurrency exchange.
A support phone number was also sent, but when the targets called it, they were instructed to protect their accounts by transferring their cryptocurrency to a 'trust wallet', which was controlled by the scammer and allowed the assets to be stolen.
Under Operation Firestorm, a global operation launched in 2024 to address and disrupt offshore organised crime networks deceiving Australians through romance, cryptocurrency and investment scams, the JPC3 identified more than 130 Australian-based victims targeted by the crypto scam through collaboration with foreign law enforcement partners.
AFP Commander Cybercrime Operations Graeme Marshall said once the funds were transferred to an account controlled by scammers, they were generally quickly transferred through a network of wallets and money laundering accounts making seizure or recovery difficult.
"The AFP has worked closely with our partners at the NASC to ensure any victims in Australia targeted by these scammers were identified swiftly and given advice to help protect their cryptocurrency accounts," Commander Marshall said.
"Anyone who received an SMS or email warning from the NASC must take it very seriously.
"If you have already transferred your cryptocurrency to a so-called trust wallet, report it to your bank or digital currency exchange immediately, then to police via ReportCyber quoting the reference number AFP-068."
Australian Competition & Consumer Commission Deputy Chair Catriona Lowe said impersonation scams had become common, and it was vital that people verified all communications they received, even where they appeared to come from trusted organisations.
"Impersonation scams rely on people trusting that the text, email or phone call they get is legitimate and scammers go to significant lengths to create the appearance of legitimacy," Ms Lowe said.
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