Blockchain security firm Chainalysis has revealed the results of Operation Spincaster, an initiative to combat “authorization phishing” scams, which have resulted in $2.7 billion in cryptocurrency losses since May 2021.
Chainalysis said Operation Spincaster is a global extension of the company’s first operation with the Calgary Police in Canada in March 2024.
The operation involved a series of operations in six countries between April and June, involving 12 public sector agencies and 17 cryptocurrency exchanges. During these operations, Chainalysis identified more than 7,000 leads related to crime.
From this information, Chainalysis was able to track the flow of funds and use them to close accounts related to crime, seize funds, and build intelligence to better prevent potential scams. In one of the operations, the participants were able to contact the victims directly and warn them that they were being threatened. The potential victims were able to revoke authorization and prevent the loss of hundreds of thousands of dollars worth of cryptocurrency. (Cointelegraph)