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A raid of four Serb call centres by European agencies has revealed that Australian citizens are the preferred target of crypto crooks.
Despite its innumerable utilities, the blockchain industry is a breeding ground for financial criminals. The sophistication of technology makes it difficult for regulators to prevent crime. In addition, a lot of people are not crypto-knowledgeable. As a result, criminals are better able to attract them on behalf of various investment regimes.
According to Australians, Australian citizens are targeted because they have a more prosperous population, relatively speaking.
Dramatic police raids in Belgrade, Bulgaria and Cyprus, following investigations in Germany, have uncovered evidence Australia is in the top tier of countries being targeted: https://t.co/zWv7I3N5Kgpic.twitter.com/k98CPDxwz7
— The Australian (@australian) February 23, 2023
People in Australia suffer the most from crypto crimes.
EU agencies in Serbia, Germany, Bulgaria and Cyprus raided four Serb call centres and 11 homes. Authorities arrested 15 individuals and confiscated $1.46 million in cryptocurrency.
Social media was the main tool for hunting victims, and Australian citizens led the way. Victims have been cheated on for investment opportunities.
According to a Chainalysis crypto crime , Aussies are among the worst hit in the giveaway, investment, and non-fungible token
Scammers Fund Their Lifestyles With Stolen Crypto
According to IFW Global, a private financial crime intelligence firm, the scammers used the proceeds of crypto crimes to fund their lifestyle. Mark Solomons, a senior executive at ifw global, says: We are talking about people who fly in private jets, who have large assets, real estate, luxury cars and money. They travel freely worldwide, they buy yachts."
In January, the European Agencies dismantled a similar crypto fraud network operating in Bulgaria, Cyprus, and Serbia. They raided 18 sites and confiscated more than $1 million in cryptocurrency and more than €50,000 ($52,686) in cash.
Of course, these crooks also enjoyed a sumptuous lifestyle, as the agency foreclosed on two luxury apartments and three cars.
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