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

Australians Lost $122 Million to Crypto Scams in the Last Year

user avatar

by Giorgi Kostiuk

a year ago


  1. Overall Losses
  2. Scammers' Methods
  3. Victims' Age Statistics

  4. According to a new report from the Australian Federal Police, Australians have lost $122 million, nearly $180 million AUD, to crypto scams in the last 12 months. Most of the victims are under the age of 50.

    Overall Losses

    Over the past year, total losses from investment scams amounted to $269 million. The Australian Federal Police (AFP) revealed that 47% of these scams were related to cryptocurrency.

    Scammers' Methods

    The AFP announced that scammers have been using deepfakes and a method called 'pig butchering' to deceive victims. 'Pig butchering' involves building an emotional connection with the victim over social media before encouraging them to participate in a fraudulent investment. Deepfakes are fake videos or audio recordings featuring influential figures, such as Elon Musk, to lure victims into scam schemes.

    quote: *“When I search for 'Bitcoin Magazine' on YouTube, the 3rd result is a scam deepfake AI of Elon Musk pretending to be a livestream of today's event telling people to send their bitcoin and eth to it, and shows over 170K viewers. Have you no shame @YouTube?”* - Tomer Strolight (@TomerStrolight), July 27, 2024

    Victims' Age Statistics

    Richard Chin, Assistant Commissioner at AFP, highlighted the age of the victims. According to the collected data, 60% of the victims are under the age of 50. This contradicts the common belief that older populations above 50 are easier targets for crypto scams.

    quote: *“Scammers promise high returns with little risk, using compelling marketing and new technology to make the investment sound too good to miss.”* - Richard Chin

    Scamwatch, an Australian government website, also shows that the most prominent way citizens lose money is through investment scams. However, contrary to AFP data, it also indicates that people over 50 are more likely to fall victim to such scams. Richard Chin noted that it’s possible many victims are unaware they have been scammed or are avoiding reporting out of embarrassment.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

DOJ Investigation Boosts Powell's Position at the Federal Reserve

chest

The DOJ's investigation into Jerome Powell has shifted market dynamics, increasing his chances of remaining at the Federal Reserve after his term ends.

user avatarLuis Flores

Inflation Data Boosts Crypto Market Performance

chest

Recent US inflation figures have positively impacted the crypto market, leading to gains for Bitcoin and other cryptocurrencies.

user avatarArif Mukhtar

XRP Faces Sell Signal Despite Super Cycle Speculation

chest

XRP faces a sell signal according to analyst Ali Martinez, despite speculation of a super cycle.

user avatarMaria Gutierrez

Aarn Protocol Advances Fixed-Rate Execution

chest

Aarn Protocol has introduced TARS and tvPTmax to enhance fixed-rate execution in DeFi, moving towards policy-driven treasury operations.

user avatarDavid Robinson

WONTON Expands to BNB Chain to Enhance Web3 Gaming Experience

chest

WONTON expands to BNB Chain to enhance Web3 gaming experience.

user avatarAndrew Smith

Regulatory Changes Impact DDC Enterprise's Bitcoin Reporting

chest

Regulatory changes require DDC Enterprise to report Bitcoin holdings at fair market value starting in 2025, impacting earnings volatility and allowing for unrealized gains.

user avatarZainab Kamara

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.