• 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

Maalexi and Avalanche Set to Launch MAATEX, the First Agricultural Asset Token Exchange

chest

Maalexi and Avalanche are set to launch MAATEX, the first agricultural asset token exchange utilizing the Avalanche blockchain, aiming to revolutionize agricultural asset trading.

user avatarAisha Farooq

Meta to Lay Off Staff from Metaverse Division

chest

Meta is set to lay off around 10% of its staff from the Reality Labs division as it shifts focus to artificial intelligence.

user avatarTenzin Dorje

US Senate Agriculture Committee Delays Crypto Market Structure Bill Markup

chest

The US Senate Agriculture Committee has postponed the markup of the crypto market structure bill to the end of January to gather more support.

user avatarBayarjavkhlan Ganbaatar

Crypto Mining Stocks Surge Following Meta's AI Infrastructure Announcement

chest

Crypto mining stocks surged following Meta's announcement of a large-scale AI infrastructure initiative.

user avatarMohamed Farouk

OG Bitcoin Miner Resurfaces with 2,000 BTC Move

chest

An early Bitcoin miner has moved 2,000 BTC, marking significant activity from this cohort.

user avatarKenji Takahashi

Cameron Fous Achieves $302,000 Profit from XRP Trade

chest

Prominent trader Cameron Fous achieved a profit of approximately $302,000 from a well-planned XRP trade executed within 14 days, highlighting the importance of structured trading strategies.

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.