Crypto Fraud Fight Draws in India and Australia

Cryptocurrency may be growing as a market, but so is the incidence of crypto fraud. Joining the fight to battle fraudulent crypto activities are the countries of India and Australia.

India’s Enforcement Directorate (ED) conducted a raid on several cities, including Sonipat, Leh, and Jammu on the second day of August. They were able to seize documents connected to a crypto fraud operation as well as RS 1 crore (approx. $119,000 USD).

The scheme stole money from Indian citizens who had invested in a fake crypto coin called Emollient Coin. They were promised that their investment would double quickly. The Indian government’s anti-fraud investigation highlighted the severity of the crime within the country.

Australia Combats Crypto Fraud

The Australian Federal Police worked with Chainalysis, a blockchain data site, to fight phishing scams. Through a campaign called Operation Spincaster, the Federal Police are trying to get back money to citizens stolen through phishing scams, which have been responsible for $4 billion in thefts across the world in the last three years.

This operation was able to find 2,000 crypto wallets in Australia that had been hacked, and the government forces put safeguards in place to ensure that the similar scams do not occur. This operation by government forces showed that cybercriminals are using new, sophisticated tactics to steal money from unsuspecting persons.

The FBI Releases Warning

As the crypto market trends down, losing between 15-25% value for most coins in less than 48 hours, the FBI has issued a warning. They are telling people to be careful about scam attempts that will certainly increase during this period when investors are desperate to make their money back.

Whenever the market is volatile, scammers will tend to step up their attacks and take advantage of the situation, and investors need to be extra cautious at this time.