Australia’s Financial Regulator Warns of Ongoing Crypto Scams Despite Monthly Decline Since April

Australia’s financial markets regulator, ASIC, has issued a warning about ongoing cryptocurrency scams, despite a monthly decline in such scams since April. ASIC revealed that it has coordinated the removal of over 600 crypto scams in the past year as part of its efforts to combat online investment scams. These scams targeted Australian savings, resulting in an estimated $1.3 billion in losses. The scams were propagated through fake news articles and deepfake videos featuring local public figures. ASIC urges consumers to remain vigilant against social media hyperlinks promoting online trading and crypto investments. The regulator highlights that scammers continue to adapt and find new ways to deceive victims, with an average of 20 websites being taken down daily. Suspicious websites are referred to a third-party company specializing in detecting and disrupting cybercrime. ASIC’s data shows a decline in crypto scams month-over-month, which aligns with global trends. However, Chainalysis warns that crypto criminals are now focusing on centralized exchanges and employing advanced social engineering tactics in more sophisticated attacks.