The Australian Federal Police have kicked off an investigation into a major crypto scam where fraudsters posed as Binance representatives to defraud locals. In a joint statement , the AFP, National Anti-Scam Centre, and Binance Australia revealed that the scam was uncovered through Operation Firestorm, a global crackdown on digital fraud. They warned that over 130 potential victims had already been targeted in the scheme. Scammers posed as Binance representatives and contacted victims with fake warnings, claiming that their Binance accounts had been breached. Using encrypted messaging platforms and SMS, the bad actors sent “spoofed” messages that looked like they came from Binance’s official channels. These messages often appeared in existing Binance chat threads, making them seem even more legitimate. Victims received fake verification codes and a support number, which led them straight to scammers posing as Binance representatives. Once on the call, they were pressured into moving their crypto to a so-called “trust wallet”—which was actually controlled by the fraudsters. By the time victims realized something was wrong, the funds were “transferred through a network of wallets and money laundering accounts, making seizure or recovery difficult,” authorities said. You might also like: Australians lose $122m to crypto scams, with under-50s most affected AFP Commander Cybercrime Operations Graeme Marshall urged victims who may have transferred funds to the “so-called trust wallet” to report the incident to their bank or crypto exchange and the police via ReportCyber. “The AFP has worked closely with our partners at the NASC to ensure any victims in Australia targeted by these scammers were identified swiftly and given advice to help protect their cryptocurrency accounts,” he added. As one of the biggest names in crypto, Binance has been a frequent target for scammers looking to exploit its users. A warning from Cyprus police in February 2025 highlighted a similar scam , where fraudsters sent fake SMS alerts about unauthorized logins on Binance accounts to trick users into handing over their credentials. In response, Binance is reportedly working on a new security feature to help users detect SMS phishing scams. However, details on the new feature remain scarce. Read more: Australia’s ASIC takes down over 600 crypto scam websites in yearlong operation
