Crypto scammers mostly target wealthy Australians
A raid of four Serbian call centers by European agencies revealed that Australian citizens are the favorite target of crypto scammers.
Despite its myriad tools, the blockchain industry is a breeding ground for financial criminals. Due to the sophisticated nature of technology, it is a challenge for regulators to prevent crime. Also, a large number of people are not crypto-savvy. Therefore, it is easier for criminals to lure them in the name of various investment schemes.
According to The Australian report, Australian citizens are targeted because the population is relatively more affluent.
Australian citizens suffer the most from crypto crime
The European agencies from Serbia, Germany, Bulgaria and Cyprus conducted raids on four Serbian call centers and 11 residences. Authorities arrested 15 people and seized $1.46 million in cryptocurrency.
Social media was the primary tool for hunting down victims, with Australian citizens at the top of the list. The victims were deceived in the name of investment opportunities.
Australians are among the worst affected by giveaway, investment and non-fungible token (NFT) scams, according to a Chainalysis cryptocrime report.
Fraudsters finance their lifestyles with stolen crypto
According to IFW Global, a private financial crime intelligence firm, the fraudsters used the proceeds of cryptocrime to finance their lifestyles. Mark Solomons, an executive at IFW Global, says: “We’re talking about individuals flying around in private jets, who have significant assets, real estate, fancy cars and cash. They travel freely around the world, they buy yachts.”
In January, the European agencies dismantled a similar crypto-fraud network operating in Bulgaria, Cyprus and Serbia. They raided 18 locations and took over $1 million in cryptocurrencies and over €50,000 ($52,686) in cash.
Apparently, these fraudsters also enjoyed a lavish lifestyle, as the agency seized two luxury apartments and three cars.
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