Authorities Expose Binance Impersonation Scam Targeting Australians

Highlights:

• Over 130 Australians were targeted by a Binance impersonation scam.
• Scammers used spoofed messages to steal cryptocurrency from victims.
• Operation Firestorm, a global crackdown, helped uncover the scam.

A Binance impersonation scam has emerged and impacted more than 130 Australian cryptocurrency users, according to the Australian Federal Police (AFP). This relatively complex operation, identified through cooperation with the National Anti-Scam Centre (NASC) and AFP-led Joint Policing Cybercrime Coordination Centre (JPC3), has affected Australians significantly.

The @AusFedPolice (AFP) and @binance are working together to combat a surge in impersonation scams targeting Australian crypto users as part of Operation Firestorm.

How These Scams Work:
⚠️ Scammers pose as Binance representatives via SMS and messaging apps
⚠️ They claim an…

— Binance Australia (@Binance_AUS) March 20, 2025

Scammers Impersonate Binance to Scam Victims

The hackers have been pretending to be from the Binance group, especially via SMS and interactive messaging services. The twist of the fraudsters is that they informed the victims of the hacking of their accounts and demanded immediate action. The messages certainly look like they are from other users in genuine Binance threads, making it quite challenging for users to dismiss them as fake.

The scam largely employs “spoofed” verification codes and a phone number belonging to the support service. When the victim dials the number, they are informed that their account is at risk. They then ask them to withdraw their cryptocurrencies to a fake wallet referred to as a ‘trust wallet’ that is operated by the fraudsters. This enables the fraudsters to melt with the funds within a short span of time.

International Cooperation Helps Identify Victims

Under the Firestorm Global operation launched in 2024, police forces have been cooperating with their counterparts in other countries to identify and disrupt offshore crime networks. Further, AFP’s Commander Cybercrime Operations, Graeme Marshall said the funds once invested were quickly transferred to the scammer’s own wallet. Further, they divided the funds through other network wallets and money laundering channels, thus making it almost impossible to recover.

The authorities have advised those targeted through an SMS or an email from the scam to report the incident immediately. The victims should inform their digital currency exchange. In addition, they should also report the incident to the police using ReportCyber and citing reference number AFP-068. While it is feasible to minimize the impact if one acts fast, the process of retrieving the lost money is challenging.

How to Spot and Avoid Crypto Scams

Scammers have used a number of tactics to alter sender details. They gain access to the telecom networks of the targeted persons to send fake and compelling messages. Binance’s Chief Security Officer, Jimmy Su, warned users to double-check any messages claiming to be from the exchange through official communication channels only.

In February, Binance announced a new measure aimed at enhancing security by enabling users to identify fake messages. This helps in verifying the authenticity of the communication that one is receiving. This can be particularly useful in confirming whether the message is authentic from Binance or fake. This prevents scammers from altering the sender’s information to create a false sense of urgency and deceive users.

This latest impersonation scam involving Binance indicates the increasing cases of cryptocurrency fraud in Australia. According to Australia’s Competition and Consumer Commission (ACCC), impersonation scams are on the rise. They advise people to validate the authenticity of the received messages, regardless of whether they are from credible organizations.