• 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

Court Ruling Sends Strong Message on Cryptocurrency Embezzlement in China

chest

Court ruling in Xiamen, China, sentences Guo to 2 years and 3 months for embezzling 153 million yuan and investing in risky cryptocurrency trades, highlighting strict legal framework against financial misconduct.

user avatarMohamed Farouk

Community Frustration Grows Over Paradex Maintenance Delays

chest

The community's response to the prolonged maintenance of Paradex highlights a growing frustration over potential losses and a demand for transparency from the platform's team.

user avatarDiego Alvarez

Paradex Maintenance Extends Beyond Schedule, Disrupting Trading Activities

chest

Paradex's ongoing maintenance has exceeded the planned timeframe, causing significant disruptions to trading and raising concerns among users about forced liquidations due to high funding rates.

user avatarGustavo Mendoza

EU Leaders Hold Emergency Meeting Over Trump's Tariff Announcement

chest

EU leaders held an emergency meeting in response to Trump's 10% tariffs on eight European countries.

user avatarKenji Takahashi

OpenAI Once Considered a $10 Billion ICO for Fundraising

chest

OpenAI explored the possibility of raising funds through an ICO in early 2018, with Elon Musk initially supporting the idea.

user avatarMaria Fernandez

ASTER Price Faces Significant Decline Amidst Growing DeFi Activity

chest

The ASTER token has experienced a significant decline of around 20%, but analysts suggest that the expanding DeFi infrastructure may indicate a potential recovery.

user avatarElias Mukuru

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.