Inside the iSpoof Blockchain Investigation: This Fraud Tool Helped Scammers Steal Over £100 Million

May 25, 2023

iSpoof was a service that helped scammers mask their phone numbers and impersonate legitimate companies. Criminals using iSpoof stole more than £100 million from victims worldwide and made approximately 10 million fraudulent phone calls between June 2021 and July 2022. In this case, while victims of the related scams weren’t paying fraudsters in crypto, the iSpoof service itself relied on crypto payments from its criminal user base. Upon further analysis, we discovered that criminals using iSpoof also sent funds to numerous high profile fraud shops, which are engaged in the sale of personal and sensitive information commonly used to commit fraud. Analysis tools such as Chainalysis Reactor and KYT further empower law enforcement to identify criminals using cryptocurrency and take appropriate action.