Australia’s Financial Watchdog Takes Down Over 600 Crypto Scams in Last Year
Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
Australia’s ASIC said Sunday that it has been actively shutting down numerous scam websites promoting fraudulent investment opportunities, including fake trading platforms and crypto investments. Many of these scams are spread on social media, often using false endorsements from celebrities.
The regulator said it assisted in removing over 5,500 fraudulent investment sites, more than 1,000 phishing links, and 615 crypto scam websites since July 2023.
Last year, scams, mainly through fake investment trading platforms, caused an estimated $1.3b in losses. These frauds were spread using phony news and deepfake videos featuring local public figures. These websites comprised most of those that the ASIC took down.
Since July 2023, our website takedown capability has disrupted over 7,300 phishing and investment #scam websites https://t.co/fNkLpjPIZZ pic.twitter.com/IEvHKeMJ6f
“Australians are still losing billions of dollars each year to scams,“ said ASIC deputy chair Sarah Court. “Scammers are criminals targeting the hip pockets of hard-working Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money.”
She noted that on average, 20 scam investment websites are removed daily, stressing the need for swift action to protect Australians from further harm by scammers. Separately, Australian law enforcement uncovered recently discovered over 2,000 hacked crypto wallets.
The announcement comes after Australia’s competition watchdog disclosed last week that over half of the crypto ads on Meta’s platform either deceive users or violate Meta’s advertising
Read more on cryptonews.com
