Odaily Planet Daily News Australian authorities have launched a crackdown on scammers posing as the crypto exchange Binance following a series of cryptocurrency fraud cases targeting users in the local area. The Australian Federal Police (AFP), the National Anti-Fraud Center (NASC) and Binance Australia jointly issued a warning to alert the public to this complex scam that steals cryptocurrency through false information. It is reported that scammers impersonated Binance representatives through SMS and encrypted messaging platforms, falsely claiming that victims' accounts had been hacked. These messages are disguised as legitimate conversations with Binance, containing false verification codes and contact numbers, to induce victims to call the fake hotline. Once the victim makes the call, they will be induced to transfer the cryptocurrency to a "trust wallet" controlled by the scammer. The AFP works with international law enforcement agencies to track down the perpetrators, but once the funds are transferred, they quickly flow through multiple wallets and money laundering channels, making them difficult to recover. AFP Cyber Crime Operations Commander Graeme Marshall said: "The AFP works closely with NASC to ensure that Australian victims are quickly identified and given advice on how to protect their cryptocurrency accounts." Authorities advise victims to contact their bank or cryptocurrency exchange immediately and report the incident to the police via ReportCyber, quoting reference number AFP-068. (decrypt)