Australia

Australia’s police joins global campaign to disrupt crypto scams

Published

1 month ago

August 5, 2024

The Australian Federal Police has teamed up with Chainalysis to identify over 2,000 compromised crypto wallets belonging to Australians.

Australia‘s national policing agency, the Australian Federal Police, has partnered with blockchain forensic firm Chainalysis to combat crypto scammers as the number of identified compromised crypto wallets belonging to Australians surpassed 2,000.

In an Aug. 5 press release, the AFP said it had joined the so-called “Operation Spincaster,” the initiative targeted criminals employing a tactic known as “approval phishing,” a method of fraud that has enriched threat actors by stealing crypto from non-custodial wallets.

While it’s unclear whether the AFP succeeded in recovering some of the stolen assets, it said that BTC Markets, Binance, Crypto.com, Ebonex, Independent Reserve, OKX, SwyftX, and Wayex collaborated in identifying and supporting Australian victims, thereby preventing further monetary loss. The AFP urged Australians to remain vigilant against approval phishing and to exercise caution when dealing with crypto transactions.

Approval phishing attacks continue to rise

Approval phishing is a particularly sneaky form of crypto theft. Scammers trick victims into authorizing transactions that give them control over the victims’ wallets.

The AFP says this tactic is prevalent in both investment and romance scams, where victims are lured with promises of high returns or manipulated through the pretense of a romantic relationship.

According to the police, bad actors gained more than $4 billion in crypto since May 2021 by utilizing the approval phishing attack only. As crypto.news reported earlier, the crypto sector suffered a series of devastating attacks in July, culminating in losses amounting to approximately $266 million, a 51% increase compared to the $176 million reported in June.

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Australia

Australian Bitcoin ETF to Implement Proof of Reserves with Hoseki

Published

1 week ago

September 10, 2024

admin

Monochrome Asset Management announced its Monochrome Bitcoin ETF (IBTC) will implement proof-of-reserves verification through a new partnership with Hoseki. This makes IBTC the first Australian spot Bitcoin ETF to adopt such transparency measures.

Launched earlier this year, the Monochrome Bitcoin ETF has seen steady inflows totalling 134 Bitcoin worth over AUD 11 million. The fund is now collaborating with Hoseki to provide daily proof-of-reserves for its Bitcoin holdings.

Hoseki’s advanced verification process, Hoseki Verified, will enable Monochrome to deliver independently verified evidence that investor assets are fully accounted for. This ongoing auditing sets a higher standard for transparency in Australian Bitcoin ETFs.

“Proof of reserves is important for establishing full operational transparency of a Bitcoin ETF,” said Jeff Yew, CEO at Monochrome Asset Management. “Our partnership with Hoseki highlights our commitment to setting the highest standards for integrity and reliability in Bitcoin ETFs, setting a precedent for the industry.”

According to Monochrome, the Hoseki integration also aligns with its unique capability for direct Bitcoin applications and redemptions, ensuring privacy while maintaining transparency.

As a leading Bitcoin verification provider, Hoseki will conduct real-time validation that IBTC’s Bitcoin reserves match its stated holdings. This provides clear proof of assets to investors. The initiative may prompt broader adoption of rigorous verification measures across the Bitcoin ETF landscape.

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ASX

Australian Spot Bitcoin ETF Keeps on Buying

Published

3 weeks ago

August 31, 2024

admin

Australia’s two spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have steadily accumulated Bitcoin holdings since launching earlier this year. The sustained inflows highlight growing Bitcoin demand in the region.

The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20th after receiving regulatory approval. It has attracted $40.72 million in assets under management (AUM).

Meanwhile, the Monochrome Bitcoin ETF (IBTC) began trading on the smaller CBOE Australia exchange on June 4th. Despite its lower AUM, IBTC continues to see small but steady inflows.

As of August 28th, IBTC holds around 123 Bitcoin worth $7.4 million. The fund has continually purchased BTC on dips, regardless of price action or sentiment.

Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 28/08/24 pic.twitter.com/04IoMLQEWa
— Monochrome (@MonochromeAsset) August 29, 2024

This contrasts with U.S. spot Bitcoin ETFs, which have faced outflows amid Bitcoin’s failure to convincingly break $60,000. Prominent products from Ark Invest and Grayscale saw major withdrawals this week.

While assets under management remain low, the Australian ETFs are growing steadily. The sustained inflows point to rising interest in Bitcoin in the region. The increasing demand for regulated investment vehicles can boost mainstream acceptance. If growth continues, Australia’s spot Bitcoin ETFs could emerge as significant sources of BTC demand.

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Australia

Man Sentenced to Prison After Spending Most of $6,900,000+ Mistakenly Sent by Major Crypto Exchange: Report

Published

1 month ago

August 15, 2024

admin

A 39-year-old cryptocurrency enthusiast who splurged millions worth of erroneously transferred funds will reportedly spend three years in prison after pleading guilty in a court in Australia.

Local news site News.com.au reports that in 2021, Jatinder Singh tried to deposit around $65 into his Crypto.com portfolio using his then-partner Thevamanogari Manivel’s Commonwealth Bank account.

The transfer was rejected because the names did not match, but when Crypto.com refunded Singh, the exchange sent $6.91 million because a staff member mistakenly typed Manivel’s bank account number instead of the $65 in the refund spreadsheet.

Singh then went on a spending spree while Manivel transferred $2.64 million to her bank account in Malaysia.

Crypto.com discovered the mistake seven months later. Both the exchange and Commonwealth Bank contacted Manivel, who said she thought those were scam attempts.

Manivel was arrested at Melbourne airport in 2022 while attempting to board a flight to Malaysia with over $7,000 in cash. Singh, who was also arrested later in the same month, said he thought he won the money in an online competition.

Singh eventually told the court that he was aware that the money was not his. He was sentenced on theft charges for spending $4 million on property and luxury goods and gifting a friend $660,000.

On Tuesday, he was sent to jail for 361 days of pre-sentence detention. The period will be considered as time served and will be deducted from his sentence. He is eligible for parole after serving two years.

Manivel also pleaded guilty to recklessly dealing with the proceeds of crime in September 2023. She was given 209 days in time served sentence and placed on an 18-month community corrections order.

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