1 month ago
Australia’s Securities and Investment Commission (ASIC) has unopen down 615 crypto scam websites implicit the past year, according to an Aug. 19 statement.
This enactment is portion of a broader effort to combat concern fraud successful the country. The regulator closed 7,300 scam websites, including 5,530 fake concern platforms and 1,065 phishing sites.
Over $1 cardinal lost
ASIC cited the surge successful concern scams arsenic the crushed for these takedowns, revealing that specified scams resulted successful astir $1.3 cardinal successful losses successful 2023. The regulator emphasized that shutting down these sites helps disrupt the transportation betwixt scammers and imaginable victims.
Sarah Court, ASIC’s Deputy Chair, highlighted that scammers exploit Australians, stealing billions each year. She noted that portion exertion offers galore benefits, it besides provides caller avenues for fraud.
Court further stressed the value of swiftly removing these sites to support Australians, with an mean of 20 concern scam websites being taken down daily. She added:
“Scammers volition proceed to accommodate and find caller ways to lure consumers, and ASIC remains proactive successful detecting and disrupting concern scams.”
Among the removed sites was Dexa Trade Markets, which ASIC identified arsenic a crypto scam platform. The regulator acted aft an Australian user reported falling unfortunate to a crypto investment scam falsely claiming planetary regulation, precocious trading volumes, and millions of investors.
Crypto scams
Australia’s regulatory enactment reflects however crypto scams proceed to beryllium a large contented hampering the industry’s growth.
California’s Department of Financial Protection and Innovation (DFPI) data revealed that fraudulent trading platforms made up 87% of each reported crypto scams successful 2024.
According to the regulator:
“Imposter websites are 1 of the astir communal reported scams.”
Malicious players effort to instrumentality vantage of disorder generated by creating companies oregon websites with names that look oregon dependable similar those of different companies oregon websites that besides run successful the marketplace.
The station Australia’s ASIC shuts down 615 crypto scam sites amid $1.3 cardinal fraud surge appeared archetypal connected CryptoSlate.
English (US) 