A joint operation by Canadian police and Chainalysis successfully tackled a crypto scam, freezing $25M in stolen funds and assisting over 1,100 victims.
Operation Spincaster
The operation, codenamed 'Spincaster,' was carried out in collaboration with the Delta Police Department, Canada. This initiative uncovered a scam network, freezing over $25 million in stolen assets.
Chainalysis Involvement
Chainalysis was instrumental in the operation, aiding in the tracing and freezing of cryptocurrency. Through advanced technology, Chainalysis helped identify $1.2 million in previously overlooked assets in blacklisted wallets.
Funds Recovery
The operation identified over 1,100 victims of cryptocurrency scams. Efforts to recover funds, including those belonging to Canadian victims, are actively underway.
Operation Spincaster marks a significant step in combating cryptocurrency scams. It demonstrates how modern technology and international cooperation can effectively counter criminal activities in the crypto space.
