Daniel Christidis, 33, a medical researcher from Melbourne,
was taking turns with a friend on a stand-up paddleboard when he was attacked on the legs and arms at Cid Harbour, off Whitsunday Island in Queensland.
His friends, including two doctors, desperately tried to save him. But he was flown to a hospital on the mainland, where he died later.
Crew member that tried to save him said ..."He'd suffered very serious bites, significant blood loss as well as cardiac arrest " .
"Definitely one of the more difficult [incidents] for everyone involved.”
Dr Christidis was on the first of a five-day sailing holiday with nine friends on a chartered 40-foot yacht. Most of the group had a medical background.
Queensland police inspector Steve O'Connell said: "Every solid effort was made to save his life … They [his friends] did everything imaginable."
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Queensland Water Police travelled to Cid Harbour on Wednesday to warn people against swimming in the area.
Bruce Piggott said he and his wife had been holidaying in the harbour for more than three decades and they had never seen or heard of any attacks until recent months.
"It's very peculiar we used to swim quite safely in there for about 15 to 20 years — we probably don't do that much nowadays," Mr Piggott said.
"It is very odd, something ecological has happened there to have attracted the sharks, even fishing, we never used to catch anything like that."