Australia’s Federal Police have initiated an investigation into a significant cryptocurrency scam involving fraudsters impersonating representatives from a well-known exchange to deceive local residents.
In a coordinated announcement, the Federal Police, National Anti-Scam Centre, and the exchange disclosed that the scam was identified during Operation Firestorm, an international effort aimed at combating digital fraud. Authorities cautioned that over 130 potential victims had already been ensnared in this scheme.
Scammers, presenting themselves as representatives from the exchange, approached victims with fraudulent alerts, claiming their accounts had been compromised.
Using encrypted messaging applications and SMS, the criminals dispatched “spoofed” messages that appeared to originate from the exchange’s official channels. These communications often surfaced in ongoing chat discussions, enhancing their credibility.
Victims received fake verification codes along with a support number that directed them to the impostors disguised as company representatives. During the calls, they were coerced into transferring their cryptocurrency to a so-called “trust wallet,” which was actually under the control of the scammers.
Authorities noted that by the time victims realized that something was amiss, the funds had been “moved through a web of wallets and laundering accounts, complicating recovery efforts.”
The AFP’s Commander of Cybercrime Operations, Graeme Marshall, urged any individuals who may have sent funds to the “alleged trust wallet” to report the incident to their financial institution or cryptocurrency exchange, as well as the police through ReportCyber.
“The AFP has collaborated closely with our partners at the NASC to ensure that any victims in Australia targeted by these fraudsters are swiftly identified and provided guidance on safeguarding their cryptocurrency accounts,” he stated.
As a leading entity in the cryptocurrency space, this exchange has frequently found itself a target for scammers aiming to exploit its user base.
A warning issued by Cyprus law enforcement in February 2025 pointed to a similar scheme, where fraudsters disseminated fraudulent SMS alerts regarding unauthorized logins on exchange accounts to deceive users into surrendering their credentials.
In response to these escalating threats, the exchange is reportedly developing a new security feature designed to assist users in identifying SMS phishing scams, although specific details about this feature remain limited.