Chainalysis announces the results of the Spincaster operation, identifying over 7,000 clues related to cryptocurrency phishing crimes
ChainCatcher news, blockchain security company Chainalysis announced the results of Operation Spincaster, an initiative aimed at combating "authorized phishing" scams, which have resulted in $2.7 billion in cryptocurrency losses since May 2021.Chainalysis stated that Operation Spincaster is a global extension of the company's first operation with the Calgary Police Service in Canada in March 2024.The operation involved a series of actions conducted in six countries from April to June, involving 12 public sector agencies and 17 cryptocurrency exchanges. During these actions, Chainalysis identified over 7,000 leads related to criminal activity.From this information, Chainalysis was able to trace the flow of funds and use them to close accounts related to crime, seize funds, and build intelligence to better prevent potential scams. In one of the operations, participants were able to directly contact victims and warn them that they were under threat. Potential victims were able to revoke authorizations and prevent cryptocurrency losses worth hundreds of thousands of dollars.