Australia’s Regulator Takes Down 600 Crypto-related Scams

Reading Time: < 1 minute

The financial markets regulator in Australia has reported removing more than 600 fraudulent cryptocurrency schemes in the past year, cautioning that fraudsters and artificial intelligence are constantly adapting their methods to deceive unsuspecting individuals.

The Australian Securities and Investments Commission (ASIC) revealed in a statement on August 19 that since July 2023, it has taken down more than 5,530 fake investment platforms, 1,065 phishing links, and 615 cryptocurrency investment scams.

Deputy Chair of ASIC, Sarah Court, expressed particular concern about the use of deepfakes and other AI-generated images, making it harder for people to identify and avoid scams.

She also highlighted that on average, 20 investment scam websites are taken down daily, and these scams continue to cause significant financial losses for Australians, with a total of $1.3 billion lost in 2023 alone.