Crypto Scam Alert: Fake Binance Texts Target 130+ Aussies

Australian police are investigating a crypto scam where criminals posed as Binance support staff to trick users into sending them funds. As per the announcement, over 130 people across the country were targeted in the scheme.

The scammers contacted victims using SMS and private messaging apps. They claimed that the victim’s Binance account had been compromised. The messages often came from threads that looked identical to official Binance chats, increasing the likelihood that users would believe them.

Fraudsters Used Fake Support Numbers and Wallet Transfers

Victims received messages with false security codes and were directed to call a phone number posing as Binance support. Once on the line, the scammers convinced them to transfer their crypto assets into a so-called “trust wallet” under the pretense of securing their funds.

That wallet, however, was fully controlled by the criminals. The money was then moved through various digital wallets, making it hard for police to track or recover.

According to the Australian Federal Police (AFP), this activity was discovered as part of Operation Firestorm. This operation was launched to stop international cyber scams that target Australians.

AFP Commander for Cybercrime Operations, Graeme Marshall, stated that the AFP worked alongside the National Anti-Scam Centre to quickly identify Australians affected by the scam and provide them with the support needed to safeguard their crypto assets.

Operation Firestorm Helps Authorities Trace Crypto Fraud

Authorities say they worked with overseas law enforcement to help trace where the funds were sent. But in many cases, the money was moved quickly, and then laundered, leaving victims with limited options.

Police are advising anyone affected to contact their bank or the crypto platform they used. Victims should also file a report through ReportCyber, quoting reference AFP-068.

The National Anti-Scam Centre and Binance Australia have supported the investigation and are encouraging users to remain alert to suspicious messages.

Wider Efforts to Tackle Crypto Crime in Australia

This scam follows legal action launched against Binance Australia Derivatives in late 2024. The Australian Securities and Investments Commission accused the platform of wrongly classifying users and not giving them full protection.

Authorities have reported an increase in crypto-related scams and compliance failures across the sector. A recent report from the Australian Competition and Consumer Commission showed over $1.3 billion was lost to investment fraud in 2023. A large share of this came from cryptocurrency scams.

In a related move, Binance is said to be working on a new tool to help users identify fake SMS alerts. No further information has been released so far.

Police continue to remind users not to click on unknown links or act on messages without checking through official channels.