ASIC Battles Crypto Scams: Over 600 Schemes Taken Down

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Scale of Actions Taken
  2. Technological Tactics Used by Scammers
  3. Specific Examples of Scams


    4. The Australian Securities and Investments Commission (ASIC) has intensified its battle against crypto scams, taking down over 600 fraudulent schemes in the past year.

    Scale of Actions Taken

    ASIC reported that since July 2023, it has shut down 5,530 fake investment sites, 1,065 phishing links, and 615 cryptocurrency scams. According to ASIC's Deputy Chair Sarah Court, scammers are leveraging advanced technology, such as artificial intelligence, to deceive people. "Innovative technology developments may improve how we live and work, however, they also provide new opportunities for scammers to exploit," she noted.

    Technological Tactics Used by Scammers

    Investment scams remain a significant issue in Australia, leading to financial losses of $1.3 billion in 2023. One common tactic is using fake endorsements from celebrities like Chris Hemsworth and Elon Musk, promising quick and easy returns. Recently, scammers used AI to create a deepfake video and voice of Elon Musk, broadcasted on over 35 YouTube channels, falsely promising viewers they would get double the amount of crypto they invested.

    Specific Examples of Scams

    ASIC also flagged a crypto investment firm, Dexa Trade Markets, which falsely claimed to be regulated and handling billions in trading volume. The commission emphasized that this firm does not have any legal approval to operate in Australia.

    ASIC continues its active fight against crypto scams by employing new technologies and methods to protect investors and prevent financial losses.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

MEXC's Tokenized Stocks and ETFs Experience 30% Growth

chest

MEXC reported a 30% month-on-month increase in spot trading volume for tokenized stocks and ETFs, reflecting broad-based growth.

user avatarKofi Adjeman

MEXC Reports Significant Growth in August Trading Data

chest

MEXC reports significant growth in trading volumes across various asset classes in August 2026, with a 130% month-on-month increase in stock, index, and ETF Futures.

user avatarTando Nkube

TRON DAO Enhances MetaMask Connectivity for Users

chest

TRON DAO announces enhanced MetaMask connectivity for various dApps, improving user interaction within the TRON ecosystem.

user avatarNguyen Van Long

MetaMask Connectivity Now Supported by Leading TRON dApps

chest

Four major decentralized applications in the TRON ecosystem have integrated MetaMask connectivity, enhancing user access to on-chain finance.

user avatarSatoshi Nakamura

AI Researchers Reduce Quantum Attack Resource Benchmark by 86 Times

chest

Researchers have reduced the computing resources needed for a potential quantum attack on Bitcoin and Ethereum by 86 times.

user avatarJesper Sørensen

Regulators Urge Faster Cybersecurity Measures in Banking Sector

chest

Regulatory bodies are urging banks to adopt quicker patching and incident response strategies to combat evolving cyber threats.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.