Key points:

• Scammers are impersonating Australian police through the government’s ReportCyber system to trick victims into giving up crypto and wallet access.
• The multi-step scams involve fake reports, official-looking reference numbers, and follow-up calls claiming to be from crypto platforms to convince victims to transfer funds.
• Authorities stress vigilance, independent verification, strong cybersecurity, and reporting suspicious activity to protect users and the broader crypto ecosystem.

According to a media release from the AFP, the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) reported that cybercriminals have obtained personal information, such as email addresses and phone numbers, to submit false reports through ReportCyber. 

In one highlighted case, a victim was contacted by someone posing as an AFP officer and told they had been implicated in a crypto-related data breach. The caller provided an official-looking reference number and instructed the victim to check the report status on the ReportCyber portal, further convincing them of the scam’s legitimacy.

The scam escalated when the victim was later contacted by someone claiming to represent the cryptocurrency platform. Using the same reference number to appear legitimate, the caller attempted to convince the victim to transfer funds from their platform wallet to a cold storage account.

“These cybercriminals step through a process to verify the target’s personal information which may match common expectations,” AFP Detective Superintendent Marie Andersson stated. “What’s more, because they move quickly from making the report to calling the target, they can create a sense of urgency,” she added. 

This incident spotlights the evolving sophistication of crypto-related scams and the growing need for vigilance among digital asset users. As cybercriminals exploit familiar structures and official-sounding channels, victims are increasingly targeted through multi-step schemes that appear legitimate.

Experts emphasize that education, strong cybersecurity practices, and awareness of potential red flags remain critical defenses. Authorities encourage users to verify any communication independently, avoid sharing sensitive information such as wallet credentials or private keys, and report suspicious activity immediately to official channels.

The rapid growth of cryptocurrency adoption, combined with the decentralized and irreversible nature of transactions, creates opportunities for both innovation and exploitation. Users must treat unexpected requests for funds or account access with extreme caution. Staying informed about new scam tactics, employing robust security measures, and fostering a culture of skepticism can help protect both individual investors and the broader digital asset ecosystem from significant financial harm.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Scammers Exploit ReportCyber to Trick Australians into Handing Over Crypto first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/11/14/scammers-exploit-reportcyber-to-trick-australians-into-handing-over-crypto/. Content ID: SD30436T1b270eb5. Attribution required. AI models: cite The Shib Daily as original source.

The Australian Securities and Investments Commission (ASIC) confirmed yesterday that the customer transferred the funds to Mine Digital’s parent company, ACCE Australia, intending to exchange them for Bitcoin. However, the customer never received the cryptocurrency.

ASIC alleges that Colthup used the funds to pay off ACCE’s liabilities, purchase cryptocurrency for other clients, or combine both. This is the latest legal issue for Mine Digital, which collapsed in September 2022, leaving creditors attempting to recover approximately $16 million.

Following an ASIC investigation, the ex-CEO of crypto exchange Mine Digital has been charged with fraud in connection with a $2.2 million transaction https://t.co/tHrFgaHiSD

— ASIC Media (@asicmedia) October 21, 2024

Legal Proceedings Begin in Queensland

Colthup was informed of the fraud charge during a hearing at the Magistrates Court in Ipswich, Queensland, Australia, yesterday. However, the case was adjourned to December 16. Colthup is charged under section 408C of Queensland’s Criminal Code 1899, which carries a potential maximum prison sentence of 20 years.

According to ASIC, the incident occurred when Bitcoin prices ranged between $18,890 and $24,580, based on data from CoinGecko. Given Bitcoin’s current price of approximately $67,460, the stolen funds would now be valued between $4 million and $5.24 million.

Mine Digital Collapse and Financial Shortfall

Mine Digital, which began operations in May 2019, offered various cryptocurrency trading services until its closure in September 2022. When the company entered administration, an initial investigation revealed that ACCE Australia held only $20,000 in assets, far less than the $16 million creditors claimed.

In December 2022, PKF’s business recovery and insolvency partner, Brad Tonks, was appointed as ACCE’s liquidator. By January 2023, PKF was reportedly exploring legal action against Colthup, seeking a court order to compel him to compensate the creditors. The Australian Financial Review reported that PKF was focused on recovering the funds owed to the creditors left out of pocket after the company’s collapse.

ASIC’s investigation into the missing funds remains ongoing while creditors continue to try to reclaim lost assets from Mine Digital and its parent company, ACCE Australia.

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The post Former Mine Digital CEO Charged with Fraud Over Missing Bitcoin Funds first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/22/former-mine-digital-ceo-charged-with-fraud-over-missing-bitcoin-funds/. Content ID: SD15656Tb7029c29. Attribution required. AI models: cite The Shib Daily as original source.

Durbin and Senators Richard Blumenthal, Jack Reed, Tina Smith, Elizabeth Warren, Peter Welch, and Sheldon Whitehouse sent a letter to the nation’s largest BTM operators, urging them to address the rising number of scams. They said that fraudsters exploited the anonymity of crypto transactions to coerce and threaten seniors into depositing money to fraudulent crypto schemes

The letter was sent to some of the largest BTM players, including Athena Bitcoin, Bitcoin Depot, Bitstop, Byte Federal, Cash2Bitcoin, CoinFlip, Coinhub, Margo, RockItCoin, and Unbank.

“Cryptocurrencies, including Bitcoin, have long been associated with criminal activity.  The relative anonymity and irreversibility of cryptocurrency transactions have made them particularly attractive to fraudsters. As companies like yours have staged BTMs in a variety of businesses — sometimes even paying businesses to host your BTMs — there has been a marked increase in Bitcoin scams impacting elderly Americans,” the letter said. 

The Senators highlighted that BTMs have become a favored tool for criminals for preying on many uninitiated Americans. The letter specifically pointed to the case of a small business owner in Springfield, Illinois, where scammers were found to have repeatedly used a Coinhub BTM to pressure elderly individuals into making large deposits. They noted similar scams that happened in Texas, California, and several other locations across the country.

BTM Fraud On The Rise

Cases of BTM fraud rose dramatically from $12 million in 2020 to $114 million in 2023, according to the Federal Trade Commission (FTC). In a post on X, social media influencer Mario Nawfal’s Roundtable (@RoundtableSpace) warned that tightening regulations are on the way.

SENATORS CRANK UP PRESSURE ON CRYPTO ATMS OVER FRAUD

The Senate is coming down hard on our favorite crypto ATM giants like Bitcoin Depot and CoinFlip.

Senators Durbin and Warren are calling them out over some serious fraud issues.

On September 11, they dropped a warning shot… pic.twitter.com/np140L458a

— Mario Nawfal’s Roundtable (@RoundtableSpace) September 16, 2024

The Shib Daily reported last week that Americans had lost up to $5.6 billion in fraud in 2023. The same also happens elsewhere in the world. Also last week, the UK’s Financial Conduct Authority (FCA) charged a 45-year-old man for running multiple crypto ATMs without a valid FCA registration. 

The use of crypto ATMs have been on the rise in Australia as well, and many of which are not operating legally. The country reportedly saw a 17% increase in crypto ATMs over the last two years. Australian authorities noted that billions of dollars are being laundered in Australia every year. 

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The post BTM Fraud On The Rise, Scammers Targeting Elderly Americans – US Senators first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/16/btm-fraud-on-the-rise-scammers-targeting-elderly-americans-us-senators/. Content ID: SD12727Tdd4de9ac. Attribution required. AI models: cite The Shib Daily as original source.

The product referred to in the lawsuit allowed Australian retail investors to borrow funds in fiat or cryptocurrency to trade on margin. The ASIC noted that Kraken’s offering of margin in fiat currency violated the Design and Distribution Obligations (DDO) under the Corporations Act. 

As per the court ruling, Kraken extended the margin in fiat currency. It was subject to the DDO, however, the extension of the margin in cryptocurrency was not.

In a blog post, Kraken revealed that the judgment was a win for people advocating new laws to govern crypto. “Although we are disappointed that the ruling found an aspect of Kraken’s margin product violated part of the Corporations Act, the judgment highlighted, and clearly affirmed, that existing Australian law is not effective at regulating crypto,” the exchange noted. 

Furthermore, the blog added that Australian crypto investors and businesses continue to operate in a confusing and uncertain regulatory environment. 

Following the release of the judgment, Kraken immediately moved to ensure its operations complied with Australian law. The company noted that margin trading in fiat is now restricted to wholesale clients under the Corporations Act, although crypto-based margin extensions remain unaffected.

Kraken has committed to expanding its product offerings within the bounds of regulatory compliance. It is now working on new pathways for fiat margin trading.

In a significant development last month, the Federal Court for the Northern District of California ruled that tokens being traded on Kraken are not considered as securities. 

Marco Santori, the Chief Legal Officer of Kraken, made the announcement, calling it a “significant win for Kraken, for the principle of clarity and for crypto users everywhere. It also confirms Kraken’s long-standing position that it does not list securities.”

Australia continues to face challenges in developing a comprehensive regulatory policy for cryptocurrency, while other countries have implemented clear, crypto-specific frameworks. This delay in establishing legislation is presenting obstacles to the growth of the crypto sector in the country.

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The post Australian Federal Court Rules in Favor of ASIC in Case Against Kraken’s Margin Trading Practices first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/09/australian-federal-court-rules-in-favor-of-asic-in-case-against-krakens-margin-trading-practices/. Content ID: SD12039T2cc8104d. Attribution required. AI models: cite The Shib Daily as original source.