• 34ºc, Sunny

International Criminal Police Organisation: Alert to an Emerging Cryptocurrency Fraud Involving Stablecoins

The International Criminal Police Organisation Financial Crimes Operation has arrested a record 5,500 people and seized more than $400 million worth of stolen goods. A purple notice was issued during the operation, with the International Criminal Police Organisation warning countries to be wary of an emerging cryptocurrency fraud involving stablecoins. Member States were informed of the "USDT Token Approval Scam", which allows fraudsters to access and take control of victims' cryptocurrency wallets. The two-step approach begins by luring victims using a romance lure technique, instructing them to buy the popular Tether stablecoin (USDT Token) through a legitimate platform. Once the scammers have earned the trust of their victims, they are then offered phishing links purporting to allow them to set up an investment account. In fact, by clicking, they grant the scammers full access, and they can then transfer funds out of the wallet without the victim's knowledge.