Australian Regulator ASIC shuts down 615 Cryptocurrency Investment Scam Websites

The Australian Securities and Investment Commission (ASIC) announced today that it has removed 615 cryptocurrency investment scam websites since July 2023.

On Monday, the Australian Securities and Investment Commission reported that for the past year the Australian regulator has taken down more than 7,300 phishing and investment scam websites, 5,530 of which are fake investment platform scams, 1,065 are phishing scam hyperlinks, and 615 of them are cryptocurrency investment scams.

The media release, citing a report from the Australian Competition and Consumer Commission, said with an estimated $1.3 billion in losses in 2023, investment scams continue to be the most common scam type affecting Australians. The regulator further urged consumers to exercise caution when clicking on social media links that promote cryptocurrency investments and online trading.

The announcement made today comes after ASIC issued a warning regarding deepfake videos and fake news stories featuring well-known people endorsing online investment trading platform scams, especially on social media. Scams on investment trading platforms make up the majority of ASIC's website removals, the post added.

Scammers entice gullible customers to visit scam websites by using digital platforms, such as social media. By taking down these websites, scammers are able to cut off communication with their potential victims and hinder the spread of their scam.

Australia continues to lose billions of dollars a year to scams, according to Deputy Chair Sarah Court. Fraudsters preying on hard-working Australians aim to defraud them of their hard-earned money. They employ cunning tactics to pilfer confidential information and money. An average of twenty investment scam websites are removed each day. An important first step in preventing criminal scammers from harming Australians further is the swift removal of malicious websites. ASIC is still vigilant in identifying and stopping investment scams, and scammers will always find new ways to lure victims.

The Australian regulator flagged the cryptocurrency investment company, Dexa Trade Markets after it falsely claimed to be regulated and handle billions of dollars' worth of trading volume. The regulator received a report from an Australian customer about the platform before taking the necessary actions. An hour after ASIC directed the website to the takedown provider, the website was shut down.

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