- AFP is investigating a crypto scam where fraudsters posed as Binance representatives.
- Scammers used fake alerts and spoofed messages to trick victims into transferring funds.
- Authorities warn recovering stolen crypto is hard due to advanced laundering tactics.
The Australian Federal Police (AFP) has launched an investigation into a large-scale cryptocurrency scam where fraudsters posed as Binance representatives. The scam, uncovered through Operation Firestorm, has already targeted more than 130 potential victims. Scammers used fake security alerts to deceive users into transferring funds. Authorities warn that recovering stolen assets will be difficult due to sophisticated money-laundering tactics.
Phishers used obscure communication applications and mobile text messages with the intent to deceive those targeted into thinking that their Binance accounts had been compromised. They were also sending phishing communication that was disguised as coming from the Binance accounts. These messages reached many victims within actual Binance chats, which made them look genuine. The scam used people’s confidence in the platform’s security notifications.
This service sent users fake verification codes and even a fake customer support phone number. Later, they called users and asked them to transfer their cryptocurrency, claiming that the receiving end was a trust wallet, which was actually in the possession of miscreants. Before the victims realized the scam, funds had been moved and cleaned.
Challenges in Recovering Funds
Authorities stated that tracking and recovering these stolen funds is extremely difficult as the scammers used a complex network of wallets and money-laundering accounts. AFP Commander Cybercrime Operations Graeme Marshall urged affected individuals to report the fraud. He advised victims to contact their bank, crypto exchange, or file a report via ReportCyber.
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Binance has been a frequent target for cybercriminals due to its large user base. Similar scams have been reported globally. In February 2025, Cyprus police issued warnings about fraudsters using fake SMS alerts to steal login credentials. Attackers tricked users into clicking malicious links, giving them access to accounts.
Binance Working on Security Features
Binance is reportedly working on a new security feature to help users detect phishing scams. However, details about this feature remain undisclosed. Experts warn that scammers constantly evolve their tactics. Users are advised to verify security messages directly through Binance’s official website or app.
The AFP and the National Anti-Scam Centre have continued to combat cybercriminality. They are also engaged in fighting fraud syndicates in collaboration with their counterparts across the globe. The people are encouraged to alert law enforcement agencies about any suspicious action. Higher awareness and protection measures are major steps towards protecting digital commodities from hackers.
