• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

ASIC Battles Crypto Scams: Over 600 Schemes Taken Down

user avatar

by Giorgi Kostiuk

2 years ago

  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SparkKitty Malware Campaign Exposed by Check Point

chest

A report from Check Point reveals the SparkKitty malware campaign targeting cryptocurrency users by scanning photos on infected devices for sensitive information.

user avatarRajesh Kumar

Shiba Inu Token Experiences Remarkable 22% Surge

chest

Shiba Inu has experienced a significant price increase of nearly 22% in just one week, marking a notable change after a long period of stagnation.

user avatarFilippo Romano

Congress Proposes AI Kill Switch Legislation

chest

Congress members propose the AI Kill Switch Act to give the federal government authority to shut down AI models.

user avatarEmily Carter

Frax Governance Discusses Proposal for Early Redemptions from Locked Ethereum Pools

chest

Frax governance is discussing a proposal for early redemptions from locked Ethereum pools with a 4% penalty fee directed to the Frax treasury.

user avatarTomas Novak

Frax Governance Proposes Morpho Lending Market for bdUSD and frxUSD

chest

Frax governance is discussing a proposal to create a Morpho lending market for bdUSD and frxUSD to enhance stablecoin liquidity and borrowing demand.

user avatarKaterina Papadopoulou

EigenLayers Forum Engages in ELIP018 Proposal Discussion

chest

The EigenLayers forum is currently engaged in a debate over the draft proposal ELIP018, which introduces a framework known as RETIRE, aimed at providing a terminal exit route for restakers.

user avatarMaya Lundqvist

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.