• Operation Spincaster froze $25M in stolen cryptocurrency tied to phishing scams.  
• Chainalysis helped identify $1.2M in overlooked assets in a blacklisted wallet.  
• Over 1,100 scam victims were identified, including Canadians, with funds actively being recovered.

Chainalysis teamed up with the Delta Police Department in Canada for a groundbreaking operation. Code-named “Spincaster,” this initiative took down a sophisticated crypto scam network. The operation froze over $25 million in stolen funds, traced through scam wallets, and identified more than 1,100 victims globally, many of them in Canada.

2/4 The results? Millions of crypto traced and frozen from a scam wallet, victims identified, and more:

🔹The sprint brought together 7️⃣law enforcement agencies and 2️⃣cryptocurrency exchanges
🔹Over 1,100 victims of cryptocurrency scams were identified, including a significant…

— Chainalysis (@chainalysis) January 9, 2025

Read also: Staying Safe on Solana: A Guide to Avoiding Crypto Scams

Chainalysis went beyond simple fund tracking. They led an investigation that used advanced blockchain techniques, creating a new standard for fighting cryptocurrency-related crimes.

Investigators examined 240 crypto addresses linked to phishing schemes, finding substantial financial losses. The operation also recovered $1.2 million in previously overlooked stolen assets held in a blacklisted wallet, thanks to new investigative techniques.

This initiative stands out because of the “unprecedented level of collaboration between law enforcement and private blockchain firms.” Seven agencies, including the Royal Canadian Mounted Police (RCMP) and the Vancouver Police Department, worked together with two major cryptocurrency exchanges.

This collaboration helped investigators identify 70 additional transactions worth $800,000 flowing through Canadian exchanges. Victims received notifications, and exchanges started seizing the stolen funds to ensure eventual recovery.

Local Agencies Can Fight Crypto Crime, Too

Frederik Gregaard, CEO of Chainalysis, highlighted the importance of public-private partnerships in combating digital crime. He said:

“Blockchain technology allows us to uncover sophisticated scams and prevent further losses. Collaboration is key to disrupting criminal networks and delivering justice for victims.”

Beyond this operation, Chainalysis is leading the way in blockchain investigations globally. Its tools and methodologies are setting a new standard for combating crypto fraud and its latest collaboration with the Canadian Delta force brings out the trend of global cooperation in protecting the crypto ecosystem.