Chainalysis has announced plans to expand its anti-phishing crypto scam initiative, “Operation Spincaster,” to additional countries in the upcoming months.
In a blog post published on July 18, 2024, the blockchain analytics firm detailed the outcomes of the initiative’s initial phase and shared its future plans.
“Chainalysis is committed to supporting the cryptocurrency ecosystem in combating illicit activity, and we look forward to rolling out Operation Spincaster in more countries over the next few months,”
the blog post read.
Operation Spincaster is a series of coordinated efforts to disrupt and prevent crypto scams through collaboration between public and private entities. According to Chainalysis, the initiative builds upon its partnership with Canada’s Calgary Police in March 2024 on a similar project named “Operation Disruption.” The company noted that it was conducted from April to June 2024 in over six countries and involved 12 public sector agencies and 17 crypto exchanges.
Chainalysis reported that Operation Spincaster led to over 7,000 leads related to criminal activities, tracked illicit funds, closed criminal accounts, seized stolen assets, and gathered intelligence to prevent future scams. The operation focused on raising public awareness about phishing scams, equipping crypto exchanges with advanced surveillance tools, and enhancing law enforcement capabilities.
During one intervention, the team prevented the loss of a six-figure sum in cryptocurrency by revoking unauthorized approvals and warning a potential victim.
Phil Larratt, Director of Investigations at Chainalysis, emphasized the importance of their crypto investigation tools for exchanges and law enforcement agencies in protecting users’ assets. These tools are essential for conducting thorough transaction background checks, detecting illicit activities, preventing fraud, and mitigating risks associated with malicious actors.
Larratt also advised the public to be cautious of urgent requests for money and to verify the identities of individuals seeking access to their crypto wallets. “Trust your instincts,” Larratt stated, stressing the importance of vigilance in safeguarding assets.
This announcement coincides with Chainalysis’s expansion in the Middle East, Southern Europe, Central Asia, and Africa, marked by the establishment of a regional headquarters in Dubai. The company noted that it aims to recruit experts in traditional finance, Web3 technologies, and regulatory compliance, supporting the region’s ambition to become a global cryptocurrency hub.
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