Australian Federal Police Initiates Operation Firestorm To Catch Crypto asset Scammers Impersonating Binance Officials
Investors in digital currency within Australia are currently experiencing major financial setbacks due to an increase in scams related to cryptocurrencies, especially those masquerading as Binance, one of the foremost crypto exchanges globally. In a release issued on 20 March 2025, the Australian Federal Police (AFP) announced the initiation of a worldwide investigation into these digital currency scams.
Fraudsters pretending to be Binance representatives initiate communication through SMS with the affected individuals. They proceed to instill a sense of urgency, claiming that there has been unauthorized access to the victim’s accounts.
The text messages from these scammers typically contain phony verification codes along with a support contact number. When the victim calls the number provided in the SMS, they are guided to transfer their assets to a “trust wallet” for security. The scammers are in control of this trust digital wallet, which ultimately results in the victims losing their money.
What stands out in this situation is the manipulation of SMS technology by the fraudsters. They spoof messages to make them appear as though they originate from the legitimate Binance message thread, making it challenging for recipients to differentiate between authentic and deceptive communications.
The @AusFedPolice (AFP) and @binance are collaborating to tackle a rise in impersonation scams aimed at Australian crypto users as part of Operation Firestorm.
How These Scams Operate:
Scammers impersonate Binance representatives through SMS and messaging applications
— Binance Australia (@Binance_AUS) March 20, 2025
Graeme Marshall, AFP Commander of Cybercrime Operations, stated, “The AFP has worked closely with our colleagues at the NASC to ensure that any victims in Australia targeted by these fraudsters are quickly identified and given guidance to secure their crypto asset accounts.”
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Australian Authorities Initiate Operation Firestorm in Partnership with the NASC and Other International Law Enforcement Agencies
In reaction to the increasing number of scams, Australian authorities have initiated Operation Firestorm, a joint effort involving the AFP, the National Anti-Scam Centre (NASC), and various international law enforcement bodies.
Operation Firestorm is aimed at locating and dismantling the entities behind these scams, and to date, authorities have identified and warned 130 Australian victims.
Emphasizing the difficulties involved in recovering stolen assets, Commander Marshall highlights that once the assets are sent to the trust wallet, they are swiftly circulated through a platform of wallets and money laundering accounts, complicating recovery efforts.
Marshall added, “If you have already sent your cryptocurrency to a so-called trust digital wallet, notify your bank or cryptocurrency exchange without delay, and then contact the police via ReportCyber quoting the reference number AFP-068.”
In response to these recent scams, the Australian government has begun implementing regulatory measures to protect investors. One significant measure requires telecommunications companies to block or flag messages from unregistered senders.
The government aims to price floor the Australian Communications and Media Authority (ACMA) by establishing a mandatory SMS sender ID register, enabling the authority to block these messages or label them with a warning.
These actions are being taken to shield Australian investors from fraudsters impersonating trustworthy sources, such as crypto asset exchanges.
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Binance Pledges Commitment to User Education and Safety
Binance has reiterated its dedication to protection and educating users.
Jimmy Su, Chief Protection Officer at Binance, stated, “Fraudsters frequently impersonate reliable platforms—such as Binance and others—by exploiting telecom vulnerabilities to manipulate sender names and phone numbers to create urgency.”
To protect investors from such scams, Su recommended the adoption of preventive measures. He advised verifying communications exclusively through the company’s website or app.
Su cautioned against sharing sensitive information, emphasizing that legitimate companies would never request an investor’s seed phrase or private keys.
He urged investors to be vigilant regarding urgent requests, especially those related to fund transfers, and to only use official tools provided by exchanges like Binance Verify to authenticate communications.
Binance is developing its own strategies to address this problem, planning to introduce a new security feature aimed at helping users identify phishing scams.
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Main Takeaways
- Scammers impersonate Binance via SMS to deceive victims into transferring cryptocurrencies.
- Australian authorities initiated Operation Firestorm to tackle fraudulent activities.
- Binance plans to unveil a new security feature to assist users in identifying phishing scams.
The article Australian Federal Police Launches Operation Firestorm To Nab Crypto Scamsters Posing As Binance Representatives first appeared on 99Bitcoins.
