The Australian Securities and Investments Commission participated in the clearance of over 600 cryptocurrency scams in 2023

2024-08-19 08:50:24

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ChainCatcher news, the Australian Securities and Investments Commission (ASIC) revealed last Sunday that as part of a broader effort to combat online investment scams, the agency coordinated the shutdown of over 600 cryptocurrency scams last year.

ASIC stated that it has helped dismantle 5,530 fake investment platform scams, 1,065 phishing scams, and 615 cryptocurrency investment scams.

It is estimated that last year these scams spread through fake news articles and deepfake videos of local public figures, resulting in a total loss of $1.3 billion.

The regulator stated in a release: "ASIC reminds all consumers to remain vigilant against social media links promoting online trading and cryptocurrency investments." ASIC added that, on average, about 20 websites are shut down each day, as scammers continue to adapt and find new ways to lure victims.

Although there was a surge in cryptocurrency-related scams around the Bitcoin halving event in April, data provided by ASIC shows that this number is declining month by month.

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