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- Australian Federal Police investigate a large Binance scam involving fake security alerts and over 130 victims.
- Scammers used fake SMS and chat messages to trick Binance users into transferring funds to fraudulent wallets.
- Binance works on new anti-phishing tools as scammers evolve tactics to target crypto users across the globe.
A large-scale cryptocurrency fraud involving fake representatives of the Binance exchange is under investigation by the Australian Federal Police (AFP). This is according to the authorities who held an operation in which more than 130 people have been defrauded. This claimant indicated that scammers took advantage of fake security alerts to lure users to surrender their cash. Investigators realize that the assets would be difficult to get back as a result of an elaborate money laundering techniques used by the criminals.
Fraudsters Trick Victims into Transfers
The scammers employed diverse means to communicate with the targeted users. They used gimmicky apps and short message-service (SMS) claiming that the user’s Binance accounts have been hacked. These fake messages were such an imitation of the original messages sent by Binance insiders. Some were even provided in form of conversation on the Binance platform chat, thus making the scammers authentic to them.
After the victims had compiled a list of their accounts, the scammers provided fake verification codes and a fake customer support phone number to the victims. The fraudsters then contacted the victims, demands them to send their investments to what they claimed to be a safe trust wallet. However, the possession of the wallet was with the criminals. An investor seldom got a lucky break to look at his account only to see that the money has been transferred and mixed up with others.
The authorities’ have said that an attempt to track and recover the stolen cash will be an arduous one. To avoid the identification of their scams, fraudsters employed multiple wallet addresses and money-laundering accounts. AFP Commander of Cybercrime Operations Graeme Marshall asked the victims of the scam to report the same. Originally, the victim should immediately contact the bank, the cryptocurrency exchange service, or report through the ReportCyber.
Binance Targets for Cybercriminals
A lot of users use the service, so it sufficiently attracts cybercriminals’ attention targeting exchanges. Other related scams involving Binance have been reported in other parts of the world. In February 2025, Cyprus police signaled that cyber criminals were using fake SMS messages to obtain login information. These attackers deceived the users into clicking on links which created a way that these attackers got into the Binance accounts.
According to the reports, Binance is developing a brand new tool to streamline anti-phishing protection for its clients. Although, the details of this new feature, however, have not been elaborated. Users must check security messages through the official Binance website or application because the hackers are always innovating their scams.
