Australian Federal Police Launch Operation Firestorm Against Binance Impersonation Scam

The Australian Federal Police have launched an investigation into a significant cryptocurrency scam where fraudsters impersonated Binance representatives to defraud local residents. The scam involves sophisticated tactics, including the use of fake verification codes and support phone numbers, to deceive victims into believing they are communicating with legitimate Binance representatives. The Australian Federal Police, in collaboration with the National Anti-Scam Centre and Binance Australia, have issued warnings to the public about this scam. Authorities have launched a comprehensive crackdown on these scammers, urging cryptocurrency customers to be vigilant and report any suspicious activity.

The scam operates through well-crafted messages that mimic legitimate communications from Binance. These messages often contain false verification codes and a support phone number, which, when called, instructs victims to protect their assets by transferring them to a designated wallet. The Australian Federal Police have emphasized the importance of verifying the authenticity of any communication claiming to be from Binance before taking any action. The authorities have also advised the public to be cautious of any unsolicited messages or requests for personal information, especially those related to cryptocurrency transactions.

The Australian Federal Police have launched Operation Firestorm to combat this scam, which involves a coordinated effort to identify and apprehend the individuals behind these fraudulent activities. The operation aims to raise awareness among the public about the dangers of cryptocurrency scams and to provide resources for victims to report and recover from such incidents. The authorities have also urged Binance users to enable two-factor authentication and to regularly monitor their accounts for any unauthorized activity.

The Australian Federal Police have warned that the scam is part of a broader trend of cybercrime targeting cryptocurrency users. The authorities have advised the public to be cautious of any unsolicited messages or requests for personal information, especially those related to cryptocurrency transactions. The Australian Federal Police have also urged the public to report any suspicious activity to the National Anti-Scam Centre, which provides support and resources for victims of scams. The authorities have emphasized the importance of remaining vigilant and taking proactive measures to protect against cybercrime.

As one of the biggest names in crypto, Binance has been a frequent target for scammers looking to exploit its users. The Australian Federal Police have identified over 130 potential victims who have been targeted in this scheme. The scammers used encrypted messaging platforms and SMS to send “spoofed” messages that appeared to come from Binance’s official channels. These messages often appeared in existing Binance chat threads, making them seem even more legitimate. Victims were pressured into moving their crypto to a so-called “trust wallet”—which was actually controlled by the fraudsters. By the time victims realized something was wrong, the funds were “transferred through a network of wallets and money laundering accounts, making seizure or recovery difficult,” authorities said.

AFP Commander Cybercrime Operations Graeme Marshall urged victims who may have transferred funds to the “so-called trust wallet” to report the incident to their bank or crypto exchange and the police via ReportCyber. “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,” he added. In response, Binance is reportedly working on a new security feature to help users detect SMS phishing scams. However, details on the new feature remain scarce.