• 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

2 years 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

Three Reasons Why RLUSD Cannot Replace XRP, According to Shah

chest

Three reasons why RLUSD cannot serve as a universal routing asset like XRP, according to Sagar Shah.

user avatarEmily Carter

Shah Explains the Distinction Between RLUSD and XRP Using a Playground Analogy

chest

Shah uses a playground trading analogy to illustrate the different roles of RLUSD and XRP in facilitating trades.

user avatarLucas Weissmann

Evernorth's Sagar Shah Clarifies Roles of RLUSD and XRP

chest

Sagar Shah, Chief Business Officer of Evernorth, clarifies that RLUSD is a digital dollar while XRP serves as a neutral routing asset for cross-asset settlement.

user avatarFilippo Romano

Hyperliquid Overtakes Solana in Market Valuation

chest

Hyperliquid has recently surpassed Solana in fully diluted valuation, highlighting the rise of revenue-generating chains in the cryptocurrency market.

user avatarTomas Novak

Qivalis Consortium Secures Support for Europe-Pegged Stablecoin Initiative

chest

The Qivalis consortium has secured support from 37 European banks for a Europe-pegged stablecoin initiative to enhance the competitiveness of Europe's digital assets market.

user avatarKaterina Papadopoulou

European Commission Initiates Consultation on Crypto Regulation

chest

The European Commission has launched a consultation to review the EU's regulatory framework on crypto assets, known as the Markets in CryptoAssets Regulation (MiCA), to gather feedback from stakeholders and the public.

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.