Anika Begay
More than 2,000 Australian-owned cryptocurrency wallets discovered by the Australian Federal Police (AFP) have been hacked by foreign scammers, the Financial Review reported.
The disturbing discovery, part of a larger initiative called Operation Spincaster to combat cybercrime around the world, marks the latest milestone in the war on cybercrime.
Both the AFP and the Joint Policing Cybercrime Coordination Centre (JPC3), which works with other governments’ law enforcement agencies to combat cyber fraud and scams, were the driving forces behind this operation, respectively.
Compromised crypto wallets linked to multiple exchanges
According to the report, the compromised digital wallets have ties to several cryptocurrency exchanges, although the names of the exchanges were not disclosed in detail.
Hackers have a way of bypassing defenses and taking advantage of vulnerabilities. Once inside a system, they take control, leaving unsuspecting victims drained of their hard-earned money.
With reports of criminals stealing millions of dollars in cryptocurrency from unsuspecting consumers, Australian police and other international authorities are constantly on the lookout for the next cyber attack.
Total crypto market cap at $2.1 trillion on the daily chart: TradingView.com
AFP stressed the critical need for people to strengthen their security protocols when making bitcoin transactions, to avoid falling victim to such fraud.
Given this revelation, AFP advises cryptocurrency users to be careful and follow best practices to protect their digital assets. Strong and distinctive passwords, two-factor authentication, and avoiding unwanted emails can do the trick.
Data shows that scammers are increasingly targeting their next targets using advanced techniques, as the rise of Bitcoin-based scams continues to cause paranoia Down Under.
AFP’s ongoing efforts against cybercrime
The Australian Federal Police is not only focusing on bitcoin scams, but also on broader operations such as ransomware and other types of digital fraud, as part of its ongoing efforts to combat cybercrime.
When it comes to curbing cybercrime, AFP aggressive actions and global collaboration are essential components. In an environment where the digital landscape is constantly changing, law enforcement agencies have used their approaches to protect the interests of both individuals and businesses.
The revelation of the hacking of over 2,000 Bitcoin wallets highlights the urgent need for cryptocurrency users to improve their level of security and knowledge.
The Australian Federal Police is currently conducting investigations and operations aimed at reducing the risks associated with digital fraud and protecting Australians from falling for these sophisticated schemes.
Featured image by PreEmptive Solutions, chart by TradingView
