CandleFocus

Chainalysis collaborates with Canadian law enforcement to uncover $25 million in 1,100 crypto scams

Author: Content Editor
Chainalysis has partnered with Canadian law enforcement in an operation called "Operation Spincaster" to combat cryptocurrency scams. The joint effort has uncovered an estimated $25 million in losses and over 1,100 victims of fraud. The operation primarily targeted approval phishing, which led to losses ranging from $1 billion to $2.7 billion. In total, Operation Spincaster recovered an estimated $162 million in losses. This year, Chainalysis and Canadian law enforcement worked together again, focusing on about 240 crypto addresses, leading to the discovery of $25 million in losses and over a thousand victims. The operation involved seven different law enforcement agencies and two cryptocurrency exchanges. Chainalysis provided training to the agencies, enabling them to apply the new techniques to their investigations. The operation has made progress in fighting cybercrime and fraud, potentially reducing the number of future victims.

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