Australian Federal Police: Australian Users Lose $122M Due to Crypto Scams

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Reports of cryptocurrency-related scams in Australia have increased from 19 in 2017 to over 1,800 in 2019 and 2020 combined.

Within the past year, Australians have been victims of crypto scams, resulting in a loss of $122 million ($180 million AUD), according to a recent report by the Australian federal police.

The total amount lost to investment scams in the past year was $269 million ($382 million AUD), with 47% of them being related to cryptocurrency.

The AFP Assistant Commissioner, Richard Chin, noted that a surprising finding was that 60% of the victims were under the age of 50, contradicting the belief that older individuals are more easily fooled by scams.

The scams were also primarily executed using modern technology, such as pig-butchering and deepfakes.