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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

RUNE Price Surges Amid Ongoing Investigations into Stolen Cryptocurrency

RUNE's price increased from a local low of 0.59 to approximately 0.67 as investigations into stolen cryptocurrency movements through decentralized platforms, including THORChain, intensified.

user avatarGustavo Mendoza

Trezor Issues Urgent Security Warning for Safe 5 Wallets

Trezor has issued a security warning to customers who purchased Safe 5 hardware wallets through the Southeast Asian reseller CryptoBilis since March 2026, advising them to transfer their cryptocurrency to a newly generated wallet due to a potential hidden cellular implant.

user avatarRajesh Kumar

MEXC Introduces Canton 0Fee Carnival for Traders

MEXC has launched the Canton 0Fee Carnival, enabling users to trade CC spot and futures pairs without fees from October 30 to November 30, 2026, and participate in a prize pool of 1 million.

user avatarMiguel Rodriguez

XRP Ledger Foundation Clarifies Proposal's Routine Nature

The XRP Ledger Foundation clarifies that proposed changes to the token approval process are routine improvements and unrelated to any security incidents.

user avatarLuis Flores

XRP Ledger Developers Propose Tighter Token Approval Controls

XRP Ledger developers propose amendments for stricter token approval controls to enhance protocol safeguards and ensure consistent application of approval requirements.

user avatarArif Mukhtar

USDD Expands Earning Opportunities and Transfer Solutions

USDD has introduced new DeFi partnerships and transfer integrations to enhance user experience and earning potential.

user avatarMaria Gutierrez

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.