According to evidence, Australia was one of the top nations targeted by a sophisticated bitcoin investment scam network with alleged Israeli kingpins.

The main victims of a sophisticated network of cryptocurrency call centers that prey on unsuspecting victims in Australia have been identified as being managed by Israeli crime lords.

Australians were among the top nations targeted, according to evidence gathered following a massive raid on four Serbian contact centers and 11 homes by Serbian, German, Bulgarian, and Cyprus officials. The Australian’s report dated February 23 contained the information.

15 persons were detained during the raids, and $1.46 million worth of cryptocurrencies were taken.

The investigation alleges that scammers from these contact centers exploited social media marketing to entice victims and offer appealing investment options with large returns.

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Australians were reportedly targeted by scammers more than other nationalities because of their relative wealth and a rumored history of ineffective investigation attempts by federal and state authorities, according to private investigation firms that spoke to the publication:

“Australia’s wealth combined with a long history of state and federal authorities being unwilling or unable to investigate online investment fraud has made the country a sitting duck for the international crime syndicates behind the scams.”

Many Australians are “kind” and “open-minded,” so they’re more likely to pursue connections online, according to Mark Solomons, Senior Investigator at IFW Global, a private intelligence organization. This is especially true “if the correct buttons are touched,” he added.

“Australia and Canada vie for the top spot. They are rich countries with a low likelihood of a disciplined investigation or detection.“

According to Solomons, a large portion of the stolen cryptocurrency are used to pay for the con artists’ opulent lifestyles:

“There are Israelis getting very, very rich by ripping off Australians and sucking superannuation and retirement savings out of the Australian economy.”

“We’re talking about people who travel in private jets and have a lot of money, real estate, nice automobiles, and other possessions. They are purchasing yachts and enjoying unrestricted travel, Solomons continued.

While the global organization has been accused of stealing $3.1 million by Europol, they believe the actual amount “may be in the hundreds of millions of euros.”

Solomons recommended the Australian government to step up its enforcement efforts at the state, federal, and international levels in comparison to other “well-resourced” countries to make targeting Australian investors less alluring to these scammers.

Australians reportedly lost up to $2 billion to investment scams in 2021, according to some reports, but the Australian Competition and Consumer Commission (ACCC) reported that they only lost $323.7 million, which rose by a staggering 75.6% to $568.6 million in 2022, according to the consumer watchdog’s Scamwatch database.

The ACCC estimates that the usage of crypto payments was responsible for $221 million of those scam losses.

In the first month of 2023, victims also lost an extra $53.4 million.

In an effort to combat the problem, the Australian Securities Investment Commission published a list of the “top-10 techniques to recognize a crypto scam” in November.

The ACCC started testing a cybersecurity tool that takes down bogus websites automatically in July 2022. Many cryptocurrency scam websites were swiftly taken offline thanks to the trial’s early success.