Aussies targeted in scam where texts impersonating cryptocurrency exchange appear in existing message threads

Aussies have been targeted in a scam where fake texts impersonating a cryptocurrency exchange appear where they shouldn’t.

Australians have been targeted in a scam where fake texts impersonating a cryptocurrency exchange appear in an existing message thread, making the scam texts look legitimate.

Authorities identified more than 130 victims who have been alerted to the scam impersonating the Binance cryptocurrency exchange.

Targets were contacted by SMS and encrypted messaging platforms by scammers pretending to be a Binance representative claiming their cryptocurrency accounts had been breached.

Fake texts impersonating a cryptocurrency exchange appeared in an existing message thread. Picture: Australian Federal Police

Police allege the messages included fake verification codes and a support phone number Picture: Australian Federal Police

Police allege the messages included fake verification codes and a support phone number. When people called the number they were instructed to protect their accounts by transferring their cryptocurrency to a trust wallet.

Scammers controlled the trust wallet, which allowed them to steal the assets.

The National Anti-Scam Centre and AFP-led Joint Policing Cybercrime Coordination Centre identified the victims through messages found on an end-to-end encryption platform with the help of foreign law enforcement agencies.

AFP Commander Cybercrime Operations Graeme Marshall said once victims transferred the funds to an account controlled by scammers, the digital currency was quickly transferred through a network of wallets and money laundering accounts.

Commander Marshall said this made seizure or recovery difficult for victims who lost funds in the scam.

AFP Commander Graeme Marshall said once victims transferred digital currency to an account controlled by scammers it was difficult to recover the stolen funds.

“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 said.

“Anyone who received an SMS or email warning from the NASC must take it very seriously.

“If you have already transferred your cryptocurrency to a so-called trust wallet, report it to your bank or digital currency exchange immediately, then to police via ReportCyber quoting the reference number AFP-068.”

Australian Competition and Consumer Commission deputy chair Catriona Lowe said impersonation scams had become common, and people must verify all communications they received, even where they appeared legitimate.

ACCC deputy chair Catriona Lowe urged Australians to contact organisations directly using official contact details from their website or app to verify any communication they receive.

“Impersonation scams rely on people trusting that the text, email or phone call they get is legitimate and scammers go to significant lengths to create the appearance of legitimacy,” she said.

“We urge all Australians to contact an organisation directly using official contact details from their website or app to verify any communication they receive.”

Binance chief security officer Jimmy Su said protecting their users was Binance’s top priority, and education was key in the fight against scams.

“Scammers often impersonate trusted platforms – like Binance and others – by exploiting certain telecom loopholes to manipulate sender names and sender phone numbers to create urgency,” he said.

“To stay safe, always verify communications using Binance Verify – our tool to confirm official Binance channels.

“Never share sensitive information like your seed phrase or transfer funds under pressure. If in doubt, stop and verify through official sources.

“Binance remains committed to working with law enforcement and the community to combat fraud and enhance user security.”