Australian crypto exchange Swyftx taps TRM Labs to combat fraudsters Trending Crypto News

Australian crypto exchange Swyftx taps TRM Labs to combat fraudsters
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As crypto losses keep surging, Australian crypto exchange Swyftx tapped TRM Labs to clamp down on scammers.

Australian cryptocurrency exchange Swyftx has signed a collaboration agreement with TRM Labs, a blockchain forensic firm, in a bid to clamp down on crypto fraud after new government data reported nearly a $146 million loss in cryptocurrency.

According to a blog post on Nov. 27, 2023, the companies announced the introduction of a pilot project to pay AUD $10 (~$6.6) in Bitcoin to 2,000 customers who activate two-factor authentication on their Swyftx’s accounts and successfully complete a course that has been co-made with TRM Labs.

As per Swyft COO Jason Titman, the exchange has already stopped around $2 million worth of crypto scams, adding that:

“Almost always the wave starts a long way from shore with scams that involve crypto. Most fraud begins on social media platforms before it makes its way through the banking system and then to exchanges.”

Jason Titman

The move is expected to help prevent fraudsters from the Australian market after a local exchange allegedly suffered a $2 million hack. As reported, an unknown individual withdrew a total of 1,282 Ethereum (ETH) from the CoinSpot crypto exchange in two transactions in Nov. 2023.

The stolen funds were later exchanged for Wrapped Bitcoin (WBTC) and stablecoins such as USD Coin (USDC) and Tether (USDT) through decentralized exchange Uniswap, using the cross-chain bridge THORChain and the WBTC smart contract.

In April 2023, the Australian Competition & Consumer Commission revealed that con artists funneled billions in stolen funds through cryptocurrency operators like exchanges and trading venues, representing an 80% increase on total losses recorded since 2021.

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