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

Probly Wraps Up Successful Sponsorship at TOKEN2049 Singapore

Probly successfully participated as a Gold Sponsor at TOKEN2049 Singapore, cohosting the WHALE3RA Afterparty with ecosystem partners.

user avatarEmily Carter

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

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.