Cryptocurrency scams have been on the rise in recent years, and crackdowns have been intensifying in different regions. The Australian Securities and Investments Commission (ASIC) recently stepped up its crackdown on online fraudulent activity by shutting down several websites linked to scams.
In its latest press release, the regulator noted:
Scammers use digital platforms, including social media, to lure unsuspecting consumers to fraudulent websites. Shutting down these websites interrupts the transmission of the scam and breaks the connection between the scammers and their potential targets.
Over 600 Cryptocurrency Sites Taken Down
According to ASIC’s latest press releaseIt has “methodically” dismantled numerous websites perpetrating investment scams over the past yearwith a particular focus on cryptocurrency.
The statement revealed in particular that since July 2023, ASIC’s efforts have led to the closure of more than 7,300 websites involved in various schemes designed to defraud Australian investors.
Of these, websites specifically targeting cryptocurrency investors are fewer in number than those targeting traditional investors. The report notes:
Since July 2023, ASIC has coordinated the removal of more than 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
The report highlighted that Australians Investment scams alone cost an estimated $1.3 billion in 2023ASIC Deputy Chair Sarah Court commented on the seriousness of the issue in a recent statement.
She stressed that scammers were using “sophisticated techniques” to target Australians “indiscriminately” in an attempt to “steal information and money”. Sarah Court added:
The scam landscape is changing rapidly. Innovative technological advances can improve the way we live and work, but they also provide new opportunities for scammers. Every day, on average, 20 investment fraud websites are taken down. Removing malicious websites quickly is an important step in stopping criminal scammers from causing further harm to Australians.
Among the sites shut down was Dexa Trade Markets, a purported investment platform that claimed to be internationally regulated and boasted of inflated trading volumes and investor numbers. ASIC’s swift action led to Dexa Trade Markets being taken down within an hour of being identified.
Repression continues in Australia
It’s worth noting that the crackdown on websites by Australian regulators is just one of the measures taken to curb cryptocurrency scams in the region. Earlier this month, the Australian Federal Police (AFP) targeted 2,000 compromised cryptocurrency wallets belonging to Australian residents.
As reported by Bitcoinist, this initiative was taken in collaboration with the company Chainalysis, which specializes in blockchain analysis. Meanwhile, last week, ASIC filed a lawsuit against the ASX, an Australian Securities Exchange (ASX).
Featured image created with DALL-E, chart by TradingView
