- Blockchain analysis firm Chainalysis has released the results of Operation Spincaster
- The operation focused on preventing losses from phishing scams in the web3 world
- Chainalysis used the operation to bring together both private and public entities in combating this type of crime
Losses from phishing scams are targeted to reduce after blockchain analysis firm Chainalysis launched Operation Spincaster to combat this type of scam. Releasing the operation’s result, the blockchain researcher noted that it was able to trace scammers’ activities when moving stolen funds something that allowed Chainalysis to unearth scammers’ bank accounts. It also said that the information gathered in Operation Spincaster will help in stopping scammers in their tracks in the future, consequently making the crypto space safer.
Losses Worth Millions of Dollars Prevented
According to Chainalysis, the operation involved creating a scammer-victim environment where it was able to warn would-victims of an ongoing threat and advise them to revoke any approvals that may cause them to lose funds.
The blockchain firm disclosed that such curated interventions helped victims prevent losses amounting to millions of dollars. Apart from warning victims, Chainalysis used the operation to educate the masses on phishing scams, equip law enforcement agencies with necessary capabilities and give exchanges the tools needed to filter suspicious users.
According to Ruben van Well from the Dutch National Police, the operation “was successful from the outset […] and marks a pivotal step in […] efforts to disrupt and prevent scams within the ecosystem.”
Tether and Canadian Police Tap Chainalysis
The Operation Spincaster results come at a time when entities in the crypto and web3 space are tapping the blockchain analysis firm to enhance their services. Among the latest firms to tap Chainalysis is stablecoin issuer Tether which teamed up with the blockchain researcher to track token transactions on secondary markets.
Other entities like the Canadian police have also embraced tools developed by Chainalysis to track blockchain transactions.
With Chainalysis showing that it’s possible to warn scam victims before being exploited, it’s to be seen whether exchanges and web3 projects will embrace Chainalysis’ tools to protect their users.
